Silver prices fell 0.6% on Wednesday, following significant losses of 3.7% in the previous session. The white metal is currently trading near its two-week low of $63.70 per ounce.

Scenario 1:

Silver is currently trading below the daily pivot point of $64.84, if it manages to stay below this level, the decline could extend toward the next support levels at $62.85 then $61.90.

Scenario 2:

If silver prices rise above the daily pivot point of $64.84, they may test the first resistance level at $66.22. It should be noted that if the price holds above this level, it could help the white metal climb further near the next resistance level at $67.27.

Top News:

Investors are awaiting the release of U.S. private-sector employment data (ADP) today, Wednesday, at 13:15 GMT, looking for new indications of the strength of the U.S. labor market and employment trends.

The data reading, whether it comes in above or below expectations, is likely to influence market expectations regarding the Federal Reserve’s upcoming decisions, which could directly impact silver price movements.