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A larger-than-expected rise in the number of US initial jobless claims in the week to June 1 pointed to softness in the US economy, which strengthens the case for interest rate cuts by the US Fed. This is all the more in focus this week in the wake of the Bank of Canada\u2019s decision to cut rates by 25 basis points on Wednesday, followed by an equal-sized cut by the ECB on Thursday \u2013 both of which were expected by the markets.<\/p>\n\n\n\n
Silver\u2019s move higher on Wednesday and Thursday may have gone some way to helping negate the spectre of May\u2019s \u2018double-top\u2019 price formation, which had raised the prospect of short-term losses for the grey metal from a technical perspective.<\/p>\n\n\n\n
However, it remains to be seen whether silver prices can continue to push higher to test or exceed the recent highs of over $32.00 an ounce seen in the second half of May.<\/p>\n\n\n\n
Looking ahead, silver market players will be watching out for Friday\u2019s US non-farm payrolls figures for the latest monthly update on the US economy, as well as the unemployment figures for May.<\/p>\n\n\n\t\t\t