Latest (Friday, August 7) — XAG/USD spot silver is currently trading around $62.2. The maximum intraday rise is nearly 3%, with a high of $63.37, marking a rebound high in the past month and a half. Domestic Shanghai Silver futures also surged in tandem, up 2.75%, closing at 15,635 yuan/ton. It has completely broken through the previous sideways trading range, and the bullish trend is very clear.
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### 👉 Key features of the current market
Right now, all funds are waiting for tonight’s release of the US July Non-Farm Payrolls data. Both bulls and bears don’t dare to place big bets. Ahead of the NFP, a large amount of institutional capital has moved in early, helping silver price jump and break through the key resistance level around $62.
Yesterday, the world’s largest silver ETF increased holdings by over 42 tons and has maintained net buying for consecutive days. Institutional money is clearly accumulating aggressively at lower levels.
Now the probability of the September Federal Reserve rate hikes has fallen from more than 70% previously to 55%. The market has already priced in most of the downside. Even if the NFP data unexpectedly comes in strong, there is still ample support below the silver price, making a deep pullback hard to occur.
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### 👉 Outlook /走势判断
The bullish trend is already confirmed, and upside room is fully opened:
- The next phase’s upside target is directly around $64.5. This is the prior strong resistance zone; once it breaks, it will directly challenge the $65 psychological level
- The first major support below is $61. As long as price holds above this level, the upward trend will not be broken
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### 👉 Trade reference
Now don’t chase longs at high levels. Wait until after the Non-Farm Payrolls data is released. After a pullback into the $61.5–$62 range confirms stabilization, consider gradually entering on dips to bet on the potential continuation higher. Keep positions light and set stop-losses. Tonight’s NFP data will trigger very large volatility—don’t go heavy on a directional bet.
⚠️ Note: All of the above is a compilation of publicly available market information and does not constitute any investment advice. Precious metals can swing more than 3% in a single day; strictly control position sizing and manage risk.#XAGUST $XAG
---
### 👉 Key features of the current market
Right now, all funds are waiting for tonight’s release of the US July Non-Farm Payrolls data. Both bulls and bears don’t dare to place big bets. Ahead of the NFP, a large amount of institutional capital has moved in early, helping silver price jump and break through the key resistance level around $62.
Yesterday, the world’s largest silver ETF increased holdings by over 42 tons and has maintained net buying for consecutive days. Institutional money is clearly accumulating aggressively at lower levels.
Now the probability of the September Federal Reserve rate hikes has fallen from more than 70% previously to 55%. The market has already priced in most of the downside. Even if the NFP data unexpectedly comes in strong, there is still ample support below the silver price, making a deep pullback hard to occur.
---
### 👉 Outlook /走势判断
The bullish trend is already confirmed, and upside room is fully opened:
- The next phase’s upside target is directly around $64.5. This is the prior strong resistance zone; once it breaks, it will directly challenge the $65 psychological level
- The first major support below is $61. As long as price holds above this level, the upward trend will not be broken
---
### 👉 Trade reference
Now don’t chase longs at high levels. Wait until after the Non-Farm Payrolls data is released. After a pullback into the $61.5–$62 range confirms stabilization, consider gradually entering on dips to bet on the potential continuation higher. Keep positions light and set stop-losses. Tonight’s NFP data will trigger very large volatility—don’t go heavy on a directional bet.
⚠️ Note: All of the above is a compilation of publicly available market information and does not constitute any investment advice. Precious metals can swing more than 3% in a single day; strictly control position sizing and manage risk.#XAGUST $XAG