Silver prices fell by about 3% during Wednesday’s trading, wavering near their lowest levels in a week at $58.32 per ounce.

Scenario 1:

Silver is currently trading below the first support level at $58.68, if it manages to hold below this level, the decline could extend toward the next support level at $56.68.

Scenario 2:

If silver prices rise above the first support level at $58.68, they may test the daily pivot point of $60.58. It should be noted that if the price holds above this level, it could push the white metal higher, toward the next resistance levels at $62.57 then $64.48.

Top News:

Investors are awaiting the release of the Federal Open Market Committee (FOMC) meeting minutes today, looking for any clues regarding the direction of monetary policy and the path of interest rates in the coming period.

The minutes may provide additional details on the Federal Reserve members’ assessment of inflation and growth risks, which could influence movements in the dollar, gold, and financial markets.