Silver prices rebounded from their one-week low of $75.40 an ounce, reached on Tuesday, and rose 2% today, recouping some of the 3.8% loss from the previous session.

Scenario 1:

Silver is currently trading above the daily pivot point at $77.27, if it manages to stay above this level, it could reinforce the positive momentum and help prices test resistance levels at $80.00 and then $82.35.

Scenario 2:

If silver prices fall below the daily pivot point at $77.27, they may test the first support level at $75.00. It should be noted that if the price remains below this level, it could push the price lower toward the next support level at $72.93.

Top News:

There is no major economic news today, but investors’ attention is clearly focused on geopolitical developments, particularly the conflict in the Middle East, given their direct impact on global market movements.