Silver fell 2.6% during Wednesday’s trading, erasing the previous session’s gains of 1.6%. It is currently trading below the $66.00 per ounce.

Scenario 1:

Silver is currently hovering near the first support level of $65.16. If it breaks below this level then stabilizes, the decline could extend toward the next support level of $64.11.

Scenario 2:

If silver prices remain above the first support level of $65.16 then break above the daily pivot point of $66.42, they may test the first resistance level at $67.43. It should be noted that if the price holds above this level, it could push the white metal toward the next resistance level at $68.40.

Top News:

Markets are awaiting the release of the U.S. Flash Manufacturing & Services PMI, key indicators that provide an early reading of business activity and economic conditions in the United States.

Investors will closely examine the data for signs of changes in demand, employment, and price pressures, which could influence expectations for the Federal Reserve’s future monetary policy and the direction of the U.S. dollar.