📊 Key Updates: A Tentative Recovery
Silver prices are trading higher today, recovering ground after a two-day decline, though the market remains rangebound amid mixed signals.
Price Snapshot: Silver is currently trading in the range of $76.00 to $79.50 per ounce, depending on the timeframe and source:
Several sources report spot silver around $76.00-$77.00 during Asian hours
Later European trading saw prices push higher toward $79.20-$79.49
One source reports a 3% gain to $79.49/oz
Market Drivers:
Fed Policy Uncertainty: Markets are digesting minutes from the January Fed meeting, which showed officials were more cautious about rate cuts than expected . This has created a cautious near-term sentiment amid a firm US dollar .
Technical Rebound: After a steep correction from record highs above $121 in late January, silver is experiencing a technical bounce from support levels .
Safe-Haven Demand Easing: Some analysts note that safe-haven demand has softened as geopolitical tensions show signs of stabilizing, prompting profit-taking after the recent rally .
📈 Technical Outlook and Key Levels
Analysts are presenting a cautiously bullish technical picture, with silver holding above key support levels.
Bullish Signals:
Silver has reclaimed the daily mean near $76.20-$76.40, signaling a transition from corrective consolidation into an early expansion phase .
Prices are holding above the 100-hour Simple Moving Average, favoring bulls in the short term .
The broader bullish structure remains intact on higher timeframes, supported by steady industrial demand and structural supply constraints .
Key Levels to Watch:
Level / RangeValue (approx.)SignificanceImmediate Resistance$79.26 - $79.8050-day EMA and Daily Sell-1 zone; a close above could reinforce momentum Next Resistance$82.13 - $85.00Daily Sell-2 and harmonic targets if bullish momentum continues Immediate Support$78.95 - $78.96Nine-day EMA; holding above keeps recovery attempts in play Key Support Zone$73.80 - $74.00A failure here would signal renewed consolidation Strong Support Band$65.00 - $70.00Long-term trend support and prior swing lows; aligned with institutional accumulation zones Consolidation Range$70 - $90Broader expected trading range according to some analysts Record High$121.66January 29 peak; a potential long-term target if bullish momentum fully resumes
🔍 What to Watch Next
The market's direction will likely be guided by upcoming economic data and how silver interacts with key technical levels.
Key Data: The US Personal Consumption Expenditures (PCE) price index report, due Friday, February 20, is the Fed's preferred inflation gauge and will be critical for signaling the future path of interest rates .
Technical Levels: A sustained close above $79.26 (50-day EMA) could open the path toward $84.80-$85.00 and potentially a retest of higher levels. Conversely, a break below $78.95 would risk renewed weakness toward the $64-$70 support zone .
Time Cycle: The period between February 18-24 represents a key inflection window; a positive response here could transition silver into a trending phase .
I hope this detailed update on silver is helpful. Would you like me to provide the gold-to-silver ratio or any other specific analysis?
