Silver prices rose by more than 2% on Wednesday, recouping some of the previous session’s losses of 5%, and are currently struggling to break above the key level of $75 per ounce.

Scenario 1:

Silver is currently trading near the daily pivot point at $75.60. If it manages to break above this level and sustain trading above, it could pare its losses and rise toward resistance levels near $77.46 then $78.69.

Scenario 2:

If silver prices settle below the daily pivot point of $75.60, they may test the first support level $72.76. It should be noted that if prices remain below this level, they could come under downward pressure and move toward the next support level at $71.33.

Top News:

Investors are awaiting the release of the Federal Open Market Committee minutes today, amid market caution and anticipation of any new signals regarding the future of U.S. monetary policy; the minutes are expected to have a significant impact on financial market movements.