Silver experienced a notable rise on Wednesday, underpinned by the Bollinger Bands indicator that provides positive signals as the price moves above its middle line. Meanwhile, the price is trading near the upper band of the indicator, aiming to stabilize above it to resume its upward direction.

Scenario 1:

In the meantime, silver is trading near the first resistance at $33.00. If the price manages to stay above it will achieve further gains, heading to the second resistance level at $33.50 on the short term.

Scenario 2:

If silver fails to hold above the first resistance at $33.00, it may retest the daily pivot point at $32.65. It is worth noting that settling below the aforesaid pivot point will stop the bullish momentum and push prices near support levels $32.15 then $31.80.

Top News:

Investors are closely watching the services and manufacturing PMI figures in major economies, most notably the United States. If the data exceeds expectations, it could negatively affect silver prices, while the opposite is true.