Silver prices maintained their upward momentum during today’s trading, rising 2% to extend their gains for a third consecutive session. Silver is currently trading at a one-week high of $52.46 per ounce.

Scenario 1:

Silver is currently trading near the pivot point at $51.32, eyeing stability above to resume the rally towards the first daily resistance level at $53.00. It should be noted that if the price holds above the aforesaid level, it may rise towards the second resistance level of $53.88.

Scenario 2:

If silver fails to maintain its trading above the pivot point at $51.32, it will probably retreat towards support levels of $50.00 then $49.00.

Top News:

U.S. initial jobless claims fell to 216,000 in the week ended Nov. 22, the lowest since mid-April, from 222,000 a week before. Economists had called for 225,000 applications. It is worth noting that the better-than-expected claims reading caused some negative pressure to silver prices as it lowers the case for a Fed rate cut in December.