Silver prices fell slightly by 0.5% during Wednesday trading, after hitting an all-time high of $58.95 per ounce. Silver is also heading towards a halt in its seven-session winning streak.

Scenario 1:

Silver is currently trading above the daily pivot point at $57.30, looking to hold above it to touch the resistance level of $58.95. It should be noted that holding above this level could pave the way for a new historic high at $60.00.

Scenario 2:

If silver fails to hold above the pivot point at $57.30, it may begin a downward correction, targeting support levels of $56.20 then $55.12.

Top News:

Investors will be awaiting at 13:15 GMT the release of the U.S. ADP Employment. Analysts predict that the private sector may have added around 5,000 jobs in November, down from 42,000 added jobs in October.  

Markets will also pay close attention to the U.S. service PMI report for November. A better than expected reading could negatively affect gold prices, while the opposite is true.