Silver prices fell 0.6% during Wednesday’s trading, erasing some of the 1.8% gains that were recorded in the previous session. The white metal is currently awaiting further positive momentum to regain its uptrend in the near term.

Scenario 1:

Silver is currently trading near the key bearish trend line, where it coincides with the daily pivot point at $58.51. If it manages to stay above this level, it could rise toward the next resistance levels at $60.34 then $61.61. 

Scenario 2:

If silver prices fall below the key bearish trend line, they may test the first support level at $57.17. It should be noted that if the price remains below this level, it could put pressure on silver, pushing it toward the next support level at $55.61. 

Top News:

Market participants are now awaiting the release of the U.S. Producer Price Index (PPI) later today for further insight into inflationary pressures at the wholesale level.

The data is expected to provide additional clues on the Federal Reserve’s policy outlook following the latest Consumer Price Index report, with stronger-than-expected figures likely to reinforce expectations that interest rates will remain higher for longer.

While softer readings could support the case for future monetary easing. Traders will closely monitor the report for its potential impact on the U.S. dollar, Treasury yields, and broader financial markets.