Silver prices fell 1% during Wednesday’s trading, after hitting their lowest level since August 5 at $60.29 per ounce in the previous session.

Scenario 1:

Silver is currently hovering near the daily pivot point of $60.64. If it breaks below this level then stabilizes below it, the decline could extend toward the next support levels at $59.97 then $59.23.

Scenario 2:

If silver prices continue to trade above the daily pivot point of $60.64, they may test the first resistance level at $62.00. It should be noted that if the price holds above this level, it could push the white metal toward the next resistance level at $62.82.

Top News:

Markets are awaiting the release of key U.S. economic data, including the ADP Nonfarm Employment Change, Core PCE Price Index, and Gross Domestic Product (GDP).

Investors will closely assess the figures for further indications of labor-market conditions, underlying inflationary pressures, and the pace of economic growth.

The data could influence expectations for the Federal Reserve’s monetary policy, particularly the outlook for interest rates and the U.S. dollar.