Silver prices found support Wednesday after an early session drop. Traders are now waiting for a key jobs report due on Thursday.
The metal initially pulled back during morning trading. It then attempted to regain the $60 level. This price point represents a significant psychological barrier for traders.
Any rally that shows signs of weakness could present a selling opportunity. Market analysts suggest a relief rally might occur to restore balance after recent declines.
Thursday’s jobs report will heavily influence market movements. Trading on Friday will be limited because of the Independence Day holiday in the United States.
A break below the $57 level could push silver prices further down to $50 in the longer term. Many do not see silver as attractive at its current price.
