Today, Wednesday (June 4th) during the Asian trading session, London silver is currently trading above the 34.63 line. Opening at $34.56/ounce, as of press time, London silver is temporarily quoted at $34.61/ounce, up 0.32%, having touched a high of $34.63/ounce and a low of $34.47/ounce. Currently, the intraday short-term trend for London silver appears bullish.

Key News Highlights

Investor sentiment has turned optimistic after the release of the latest US Job Openings and Labor Turnover Survey (JOLTS), which showed a sharp increase in job vacancies in April. Ahead of a busy week, the data was positive, awaiting the release of employment figures. On Wednesday, the Automatic Data Processing (ADP) National Employment Change for May is expected to show improvement, followed by Friday's non-farm payrolls data.

US JOLTS job openings in April increased by 7.39 million, compared to a revised 7.20 million in March. Economists had estimated a decrease in job vacancies to 7.10 million.

According to Prime Market Terminal data, money markets indicate that traders expect 48.5 basis points of easing by year-end.

Latest London Silver Market Analysis

Despite an intraday pullback, silver prices maintain a bullish bias and remain above the October 29th swing high of $34.54, which is considered the first support level. The Relative Strength Index (RSI) indicates that buyers are in control; however, they need to overcome the next key resistance level at $35.00. Once cleared, silver will be poised to test the February 29, 2012, high of $37.49.

Conversely, if XAG/USD's daily close is below the March 28th peak of $34.59, it could lead to a fall toward $34.00. Should further weakness emerge, the next support level would be the May 22nd peak, which has since turned into a support level at $33.69.