Silver prices fell 2% on Wednesday, heading for a second consecutive session of losses, as they traded below the key level of $65.00 per ounce.

Scenario 1:

Silver is currently trading below the first support level at $64.81, and if it manages to hold below this level, the decline could extend toward testing the next support level at $62.17.

Scenario 2:

If silver prices rise above the daily pivot point at $67.44, they may test the first resistance level at $69.68. It should be noted that if prices hold above this level, they could push toward the next resistance level at $71.84.

Top News:

Investors are now awaiting the release of the U.S. Consumer Price Index (CPI) data later today for further clues on the inflation outlook and the Federal Reserve’s future monetary policy path.

The inflation report is expected to play a key role in shaping market expectations regarding the timing and pace of potential interest rate adjustments, with traders closely monitoring the figures for signs of easing price pressures.