Silver prices stabilized during Wednesday’s trading, after posting significant losses of 3.7% in the previous session. The white metal is currently trading above $63 per ounce.

Scenario 1:

Silver is currently trading below the daily pivot point of $64.26, if it manages to stay below this level, the decline could extend toward the next support levels at $62.15 then $61.35.

Scenario 2:

If silver prices rise above the daily pivot point of $64.26, they may test the first resistance level at $65.45. 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 $66.37.

Top News:

Investors are awaiting the release of the Federal Reserve’s July meeting minutes on Wednesday at 18:00 GMT. Market participants will closely examine the document for indications of policymakers’ views on the future path of interest rates. The tone of the minutes could have a significant impact on the dollar, Treasury yields and precious metals in the coming sessions.