Silver showed more bullish bias this morning, underpinned by the RSI indicator, which is providing positive signals as the price is moving above the 50 mid-line on the 4-hour chart. Currently, the price is trading within a bullish channel, eyeing to resume its upside trend on the short term.

Scenario 1:

Silver is meanwhile trading above the daily pivot point at $32.60, looking for stabilizing above it in order to target resistance levels at $33.35 then 33.75. If silver manages to hold above these levels, it will rise towards the upper line of bullish channel.   

Scenario 2:

If silver fails to hold above the daily pivot point at $32.40, it may retest the first support level at $32.20. It is worth noting that settling below the aforesaid support level would invalidate the bullish scenario and trigger a bearish correction that targets $31.40.

Top News:

Investors will closely watch U.S. Consumer Price Index (CPI) today at 1:00 PM GMT, which is expected to retreat to 2.9% in February (YoY) from 3% in January. If data exceeds expectations, this will indicate the presence of some inflationary pressures and may prompt the Federal Reserve to keep interest rates higher for a longer time.