Silver hit a notable increase today of 2.3%, after posting an all-time high yesterday at $53.62. The white metal is currently looking to consolidate its gains and hit new historic levels in the near term.

Scenario 1:

Silver is currently trading near the bullish channel’s upper line, eyeing stability above to resume rally towards the first daily resistance level depicted at $53.70. It should be noted that if the price holds above the aforesaid level, it may rise towards the second resistance level of $54.55.

Scenario 2:

If silver fails to surpass the bullish channel’s upper line, it could retest the lower line of the minor bullish channel (in yellow). It is worth noting that a sustained move below it could push prices lower towards the support levels of $50.75 then $49.90.

Top News:

Investors are currently focusing on upcoming statements from members of the U.S. Federal Reserve, most notably Bostic and Waller, as their remarks could affect silver prices.