Silver Market Analysis - February 26, 2026
By Elior Manier
Market Overview
Silver (XAG/USD) experienced a 3% decline, following a week where it initially broke higher but failed to sustain a breakout above the $92 resistance level established in early February. The market sentiment shifted as news emerged regarding potential progress in US-Iran nuclear talks, which eased some risk-off premiums that had built up earlier in the day.
Current Market Sentiment
Despite a challenging month for metals, the outlook remains positive as prices have rebounded from early lows. The upcoming close of the trading day is deemed crucial for determining the next steps in the market. The Chinese commodities market is currently pricing silver around $100, indicating a potential for recovery.
Technical Analysis
Daily Chart Insights
The daily chart indicates that silver has bounced off its upward channel from 2025, suggesting potential for immediate upside. However, bulls have struggled to push above the February 4 highs near $92. A breach of the $90-$92 range is necessary to reignite bullish sentiment towards the $100 mark. The 50-Day Moving Average at $84 serves as a critical support level.
4-Hour Chart Analysis
On the 4-hour chart, bulls are attempting a rebound but face resistance at the 200-period moving average around $88.90. A break above $92 is essential for a full breakout, while failure to do so may lead to a retest of the $84 support level.
Key Levels to Watch
- Resistance Levels:
- 4H 200-MA: $88.90
- Range highs: $90 to $92
- Major Resistance: $90 to $95
- Psychological Resistance: $100 to $104
- Support Levels:
- Key Pivot: $82 to $84
- Intraday Support: $76 to $77.50
- Major Range Support: $70 to $72
- Minor Support: $60 to $64
- Major Support: $50 to $54
Conclusion
As the market navigates through a period of uncertainty, traders are advised to monitor both technical indicators and fundamental developments closely. March is typically not a strong month for metals, but current conditions are unprecedented, warranting cautious optimism.