Silver posted a notable decline in early trading on Wednesday as it stabilized beneath the simple moving average 9 on the four-hour timeframe. Meanwhile, the white metal is awaiting further positive momentum to regain its positive momentum in the near term.

Scenario 1:

Silver is currently trading near the bullish channel’s middle line, eyeing stability above to reclaim the daily pivot point at $38.50. It should be noted that if the price remains above the aforesaid pivot point, it may rise towards $38.84 then $39.10.

Scenario 2:

If silver fails to maintain its trading above the bullish channel’s middle line, it could retest the first support level at $37.96, noting that a sustained move below it could deepen the white metal’s losses to the second support level of $37.72.

Top News:

There is no major economic news on the calendar today, but the focus will remain on the conflict between U.S. President Donald Trump and Federal Reserve Governor Lisa Cook, as later revealed that she will file a lawsuit to prevent Trump from firing her.