Today, Wednesday (June 11th) during the Asian trading session, international silver is currently trading below the 36.48 line, opening at $36.47/ounce. As of press time, international silver is temporarily at $36.52/ounce, down 0.01%, having touched a high of $36.64/ounce and a low of $36.47/ounce. Currently, the intraday short-term trend for international silver appears to be consolidating.

Key News Express

The UK, Canada, and Western allies announced on Tuesday that they are imposing sanctions on two Israeli far-right ministers, citing their repeated "incitement to violence against Palestinians." This rare joint action comes amid growing Western condemnation of Israel's actions in the occupied West Bank and Gaza Strip.

According to a joint statement from the foreign ministers of the five countries, the UK, Canada, Australia, New Zealand, and Norway are jointly implementing these sanctions.

The statement noted: "We remain firmly committed to advancing a two-state solution, as it is the only viable path to ensure the security and dignity of both Israelis and Palestinians, and to ensure long-term stability in the region. However, extremist settler violence and settlement expansion activities are seriously jeopardizing the advancement of this solution."

The statement further added: "Itamar Ben-Gvir and Bezalel Smotrich have continuously incited extreme violence, severely violating the human rights of Palestinians. Their advocacy for forced displacement of Palestinians and the establishment of new Israeli settlements is shocking and dangerous. We have engaged extensively with the Israeli government on this issue, but those committing violence continue to act with impunity."

Latest International Silver Market Analysis

Silver prices have seen a significant pullback, reversing three consecutive days of gains, including Friday's surge to near the $37.00/ounce mark for the first time since February 2012.

Despite the retreat, silver prices remain biased to the upside after breaking above the October 23, 2024 peak of $34.86, which intensified the rally toward $35.00 and beyond. It should be noted that the Relative Strength Index (RSI) reached an overbought state.

Although this has caused a pullback, as long as silver remains above the $35.00 mark, buyers are still safe. Key resistance levels are at $36.82, $37.00, and $37.49, which was a 13-year high set on February 29.

Conversely, if silver prices fall below $36.00, the first support level will be $35.40, a high from October 2012, which has since turned into support. Once past that, the next stop is $35.00, followed by $34.00 and $33.00, ahead of the 50-day Simple Moving Average (SMA) at $32.95.