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

Scenario 1:

Silver is currently trading near the first support level of $37.00, looking to touch the key bullish trend line. It should be noted that if the price remains below the aforesaid trend line, silver prices may retreat to the second support level at $36.50.

Scenario 2:

If silver manages to maintain its trading above the first support level at $37.00, it could retest the daily pivot point at $37.48, noting that a sustained move above it could push the white metal towards resistance levels at $37.90 and then $38.50.

Top News:

Markets are now gearing up for the minutes of the Federal Open Market Committee meeting at 19:00 GMT today, which will have a significant impact on financial market movements.