Silver showed a noticeable upward trend during today’s trading, as the Simple Moving Average 9 moves above it on the 4-hour chart. The Stochastic Oscillator also shows positive momentum, as the price hovers above the 50 level.

Scenario 1:
Currently, silver is trading near $31.40, which is considered an important level, as it represents the upper line of the bullish channel. If the price manages to breach through this level, it may pave the way for a rise towards $32, which represents the 1.618 Fibonacci extension level. Shall the price gain more positive momentum, this could contribute to breaking through this level, which means resumption of the bullish direction.
Scenario 2:
If silver fails to break through the upper line of the channel, this could lead to a bearish price movement, targeting the daily pivot point at $30.70, If silver manages to break below $30.70, it could drop near $30.40, noting that settling below this level could extend the fall towards $30. It is worth noting that a decline underneath the lower line of the channel could signal a shift from bullish to bearish.