Silver rose slightly today, supported by RSI that confers a positive signal, noting that it moved out of the oversold territory on the 4 -hour chart. Currently, silver is eyeing a break of the RSI 50-mid level, which enhances the resumption of the upward trend on the short term.

Scenario 1:

Meanwhile, silver is trading above the key bullish trendline, awaiting further positive momentum to penetrate through the daily pivot point at $31.85. If silver manages to stay above this level, it may generate further gains, heading towards $32.40 then $33.00.

Scenario 2:

If silver fails to hold above the daily pivot point at $31.85, it may retest the bullish trendline. It is worth noting that settling below the aforesaid trendline would invalidate the bullish scenario and trigger a bearish correction that targets $31.20 then $30.65.