Silver prices posted a notable increase of 10% during the week’s trading, extending their rally for a third consecutive week and scaling an all-time high of $99.39 per ounce.

Scenario 1:

Silver is currently trading near the bullish channel’s upper line, where stability above it could push the white metal to resume breaking records near resistance levels of $100.27 then $101.82.

Scenario 2:

If silver fails to hold above the bullish channel’s upper line, it may test the daily pivot point at $97.00. If the price breaks below the pivot point and then stabilizes below it may decline towards support levels of $94.00 then $92.10.

Top News Today:

Markets await at 14:45 GMT U.S. manufacturing and services PMI, if the data exceeds expectations, it could negatively influence silver prices, and vice versa.