Silver Market Analysis: February 2026

Key Points

• Silver has rebounded from a low of $64.06, currently trading above the breakout level of $59.34.
• Key support levels are identified at $60.835 and the 200-day moving average near $50.
• A close above $71.10 on strong volume may indicate a reversal bottom and potential bullish momentum.

Current Market Overview

As of 11:45 GMT, silver (XAG/USD) is trading at $74.63, reflecting a gain of $3.70 or +5.21%. This marks a recovery from its lowest level since December 27, 2025, where it hit $64.06. The price action suggests that the breakout level of $59.34, which initiated the rally to an all-time high of $121.67, is critical for traders to monitor.

Support and Resistance Levels

Key support is found at $60.835, which is half of the all-time high. The major downside target is the 200-day moving average at $50.01, close to the psychological level of $50.00. Traders are advised to watch for a closing price reversal pattern, which would indicate a potential bottom.

Potential Upside Targets

If the bottom holds at $64.06, silver could see a near-term surge towards the 50% retracement level at $92.87. Other significant levels to watch include the 61.8% retracement at $74.63 and the 50-day moving average at $77.04. A bullish trend will be confirmed if buyers can surpass the swing top at $92.20.

Market Challenges

A potential headwind for silver's recovery is the recent increase in margin requirements for silver futures contracts by the CME Group. This change, effective after the close of business on February 6, could restrict smaller traders from holding positions overnight, thereby increasing intraday volatility.