The North American session has begun with the weekly initial jobless claims which showed the U.S. added 2.5 million jobs in May against expectations of losing over 8 million. While the silver market may not be shedding its gains as much as gold, the charts are showing some weakness after a rally last week. Although traders were not presumably expecting to see data reflecting jobs returning faster than expected, its difficult to fully grasp the extent of pain that’s still present within the labor market. We would like to see metals such as gold and silver sustain yesterday’s recovery move, when the central banks like the ECB step forward with a 1.3 trillion stimulus package.

July silver may see a failure of $17.50, with the possibility of the session testing $17.20 if this occurs. Seeing as there has been a glimmer of hope from recent economic data, this is to be expected. July silver needed a pullback in order to potentially test resistance of $18.00.