Silver prices continued to trade within a sideways range, having edged lower during Wednesday’s trading session to trade below the key level of $75.00 per ounce.

Scenario 1:

Silver is currently trading below the daily pivot point at $75.25, if it manages to hold below this level, the decline could extend to test support levels at $73.62 then $72.53.

Scenario 2:

If silver prices rise above the daily pivot point at $75.25, they may test the first resistance level at $76.33. It should be noted that if prices hold above this level, they could move toward the next resistance level at $77.54.

Top News:

Markets are awaiting the release of ADP Nonfarm Employment Change for May as an early indicator of the strength of the U.S. labor market; the results could directly impact interest rate expectations and movements in the dollar and gold.

Investors are also awaiting ISM services PMI for May, which is expected to provide important signals regarding the pace of economic growth and the direction of monetary policy in the coming period.