Silver (XAG/USD) Tests $80 Ahead of NFP – What's Next?

Author: Elior Manier

Date: 10 February 2026

Market Overview

Silver is currently the only precious metal showing gains in today's trading session, prompting traders to consider whether this is an opportune moment to buy at a discount or if they should remain cautious. The recent surge in precious metals, particularly from mid-2024 to February 2026, has been significant, with gold prices surpassing $5,000.

Current Price Dynamics

Silver's price has dramatically changed, moving from around $32 a year ago to testing the $80 mark now. This volatility has created a sense of urgency among traders, especially with the upcoming Non-Farm Payroll (NFP) data release.

Market Sentiment and Economic Indicators

Recent economic data, including a miss in US Retail Sales (0% vs. 0.4% expected), has left markets cautious ahead of the NFP and Consumer Price Index (CPI) reports. A dovish turn in the NFP data could lead to a swift reevaluation of the Federal Reserve's interest rate cut expectations, currently priced at around 20% for March.

Technical Analysis of Silver

Analyzing Silver's performance through various timeframes reveals mixed signals:

• Daily Chart: Silver is trading above its 50-Day Moving Average, but bearish rejection signs are evident in the RSI. A close above $84 could indicate a continuation of the rally, while a drop below $80 may lead to a decline towards the $70 to $72 support zone.
• 4-Hour Chart: The 4H RSI suggests potential rejection ahead of the NFP. A break below $70 could signal a retest of the $60 to $64 support levels.
• 1-Hour Chart: The immediate outlook appears toppy, with a potential intraday Head & Shoulders pattern suggesting a target of $77, contingent on breaching the 50H MA.

Key Levels to Watch

Traders should monitor the following key levels for Silver:

Resistance Levels:

• $80 to $84 (Immediate Resistance)
• $84 (Session Highs)
• $90 to $95 (Higher Timeframe Major Resistance)

Support Levels:

• $70 to $72 (Major 2026 Support)
• $60 to $64 (December FOMC Minor Support)
• $50 to $54 (Major Support)

Conclusion

As traders await the NFP release, the sentiment around Silver remains cautious yet optimistic. The upcoming data will likely dictate the next moves in the market, making it crucial for traders to stay alert and prepared for potential volatility.

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