On Tuesday (June 9) during the Asian session, spot silver is trading above $67.62/oz. It opened at $68.16/oz and is now at $67.77/oz as of press time, down 0.53% on the day. Intraday high was $68.26/oz and low was $67.41/oz; the short-term trend remains rangebound.
1. Geopolitics: Russia-Ukraine talks show positive signs
On Monday, Ukrainian President Zelensky said he had 'positive talks' with U.S. envoys Witkoff and Kushner, and thanked Washington for its pledge to step up efforts over the coming weeks to help end the Russia-Ukraine conflict through diplomacy. Earlier, he had met in London with UK Prime Minister Starmer, French President Macron and German Chancellor Merz to discuss ways to resolve the conflict.
He later spoke by phone with Macron to coordinate progress in talks with the U.S. and next steps, while also discussing details of the London meetings. He said that although global attention is now focused on Iran, the European peace process is still moving forward. The two sides also discussed the possibility of pushing talks during the upcoming G7 summit in Evian, France, and he thanked the U.S. for recognizing Ukraine's position.
Sources also said U.S. and Ukrainian officials are still discussing the schedule for Witkoff and Kushner's visit to Kyiv, with plans to make it happen in the coming weeks. If confirmed, it would be the two men's first official trip to Ukraine, after earlier contacts with Russia in Moscow.
2. Spot silver market analysis
Technical trend analysis
Silver briefly stopped falling yesterday, and the overall bias is toward a 'bounce first, then pull back' rhythm. Key levels are as follows:
- Support: First watch the $67 area, then the area near yesterday's low. Short-term targets are the $66-$60 range, with the medium-term downside possibly extending to $55-$50.
- Resistance: Key pressure sits in the $70-$71 range, followed by $73 and $75. If the rebound first hits $71 resistance, consider short positions. If price breaks above that level, watch for resistance opportunities at $73 or $75.
