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Silver (XAG/USD) struggles to capitalize on its recent goodish recovery move from the $64.00 mark, or its lowest level since December 17, touched last week, and edges lower on Tuesday. The white metal, however, trims a part of intraday losses and trades around the $82.25-$82.30 region during the first half of the European session.
From a technical perspective, Monday’s breakout and acceptance above the 23.6% Fibonacci retracement level of the recent sharp pullback from the all-time peak favors the XAG/USD bulls. The Moving Average Convergence Divergence (MACD) line remains above the Signal line and in positive territory, though the histogram has started to contract, suggesting fading upside momentum. The Relative Strength Index (RSI) prints at 52, neutral, reflecting a modest stabilization above the 50 mark.
Hence, any subsequent move up is likely to confront stiff resistance near the $86.25-$86.30 confluence – comprising the 200-period Simple Moving Average (SMA) on the 4-hour chart and the 38.2% Fibo. retracement level. A sustained break above the first barrier would bring $87.04 into focus and strengthen the rebound; failure to overcome it would preserve the broader bearish bias beneath the rising long-term average.
(The technical analysis of this story was written with the help of an AI tool.)
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Copper prices forced to provide slow trading recently, due to the contradiction between the main indicators, fluctuating near $5.8500 level without recording any new corrective target.
Reminding you that the stability below $5.9700 barrier makes us keep the bearish corrective scenario, which might target $5.7200 level reaching $5.5100 support, while breaching the barrier will reinforce the chances of forming new bullish waves, to attempt to record extra gains by reaching $6.1200.
The expected trading range for today is between $5.5100 and $5.9500
Trend forecast: Bearish
A sustained move over $5002.31 will indicate the presence of buyers, setting the stage for a potential breakout to the upside over the Fibonacci level at $5143.89. A breakdown under $5002.31 will mean that investors still feel the need to continue to build a stronger support base for the next rally.
The overall hesitation to overcome the retracement zone at $5002.31 to $5143.89 with conviction could be an indication that investors are looking for value rather than momentum.
The long-term bullish fundamentals remain in place. A recent report showed that China was still a buyer of gold in January for a 15th straight month, and the geopolitical picture remains clouded with uncertainty. Maybe not enough to trigger a breakout rally, but enough to provide underlying support.
Traders are saying that improved risk appetite for global equities could be capping gains today. If that’s the case, then we may have to focus on the S&P 500 Index later today for an intraday catalyst. They are also looking at this week’s U.S. economic reports for direction, starting with today’s retail sales and finishing with Wednesday’s Non-Farm Payrolls report and Friday’s consumer inflation data.
It all comes down to what will influence Fed policy the most. What could move the Fed rate cut needle from June to March or maybe even June to September.
Gold traders expect the NFP report to show the economy added 70,000 jobs in January. Steady or better numbers could sink gold prices because it will keep the odds of a June rate cut on the table and could even push them into September. A big miss, and gold will launch another rally.
Natural gas price needs bullish momentum, forcing it to provide new mixed trading by its repeated stability near $3.250, reminding you that the bullish scenario remains valid due to the stability above the bullish channel’s support at $3.030, to keep waiting for gathering bullish momentum, to ease the mission of its rally above $3.450 and reaching the initial target near $4.000.
While breaching strong bearish pressure and reaching below the main support, so that will confirm its move to a new negative phase, which forces it to suffer new losses by reaching $2.850.
The expected trading range for today is between $3.100 and $3.500
Trend forecast: Bullish
Copper prices forced to provide slow trading recently, due to the contradiction between the main indicators, fluctuating near $5.8500 level without recording any new corrective target.
Reminding you that the stability below $5.9700 barrier makes us keep the bearish corrective scenario, which might target $5.7200 level reaching $5.5100 support, while breaching the barrier will reinforce the chances of forming new bullish waves, to attempt to record extra gains by reaching $6.1200.
The expected trading range for today is between $5.5100 and $5.9500
Trend forecast: Bearish
Silver pulled back sharply from its all-time high near 121.67 in late January, dropping over 40% before finding support around the 64.00 zone in early February. The daily chart shows a falling wedge pattern forming during this correction, with price testing the lower boundary multiple times before bouncing back toward 78.00. The 50-day Simple Moving Average (SMA) sits at 75.65, providing dynamic support, while the 200 SMA at 49.13 remains well below current price action, confirming the longer-term bullish structure still holds. The Relative Strength Index (RSI) recovered from oversold conditions below 30 and now reads 53.69, suggesting neutral momentum as Silver consolidates between 70.00 and 85.00.
The 4-hour timeframe displays a potential bullish reversal setup as price broke above the upper trendline of the descending channel near 78.00. The Moving Average Convergence-Divergence (MACD) crossed above the signal line with a widening positive histogram, signaling strengthening upside momentum. Immediate resistance stands at 86.25 where the 200-period SMA on the 4-hour chart converges with the 38.2% Fibonacci retracement of the recent decline. A clean break above this confluence zone opens the path toward 92.95, the 50% retracement level, with extended targets at 101.64 if bullish momentum accelerates. Key support remains at 75.00, and failure to hold this level would bring 71.30 back into focus.
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
The driving force today is the softer U.S. Dollar, which fell to its lowest level since January 30, down about 0.84%. A weaker dollar tends to drive up foreign demand for dollar-denominated assets like gold. The price action in both the dollar and gold suggests growing expectations for weak economic data, especially the labor market.
Last week’s Challenger January layoffs report, the mid-week ADP private-sector hirings report, and the government’s weekly initial claims report all pointed toward a feeble jobs market. This is leading investors to expect a weak U.S. Non-Farm Payrolls report on Wednesday.
According to a Reuters poll, non-farm payrolls are expected to have risen by 70,000 in January. A big miss to the downside will send investors scrambling to price in a rate cut as early as March, and that would be bad news for the dollar but good news for gold bulls. They have been on hold the past two weeks after the Fed implied at its January meeting that the focus had shifted to getting inflation under control and not labor. They felt that a premature cut in rates could boost inflation during a steady labor market period. However, a collapse in the jobs market will surely catch their eye and probably lead to increased speculation that an earlier-than-expected rate cut is forthcoming.
Providing additional support was the news that China’s central bank extended its gold-buying campaign for a 15th month in January, serving as proof that the dollar debasement trade is alive and well.
Finally, geopolitical concerns have kept a steady floor under the market to go along with China’s gold purchases. This is good for the long-term bullish foundation. Short-term, the market seems to be shedding its weaker buyers with excessive price swings, heightened volatility, and margin hikes by the CME Group. The market now looks as if it is getting ready to launch another rally, but buyers aren’t hitting offers yet without near-term catalysts. This extra confidence boost could come from Wednesday’s NFP report and/or Friday’s CPI data.
NEW YORK, Feb 9, 2026, 06:48 EST — Premarket
U.S. natural gas prices slumped nearly 7% early Monday. The March NYMEX contract dropped 25.2 cents, trading near $3.17 per million British thermal units (mmBtu). 1
The drop is significant, with traders still dealing with the aftermath of a sharp winter reversal. Late January’s cold snap squeezed supply, but now shifting weather models are dragging demand lower. Utilities and LNG-linked players? Lately, it’s those two-week temperature forecasts that have been steering the price action above all else.
LSEG reported average gas production in the Lower 48 hitting 106.9 billion cubic feet per day so far in February. Demand — factoring in exports — is set to slide from 159.5 bcfd this week to 141.4 bcfd next week, and then to 132.6 bcfd in two weeks. Meteorologists expect most of the U.S. to stay on the warmer side through Feb. 21, though the Northeast could hang onto colder temps for several days. LSEG also estimated average flows to the eight major U.S. LNG export facilities at 18.5 bcfd for the month. 2
It’s a bearish tilt for traders heading into late February, with supply staying strong, demand losing steam, and LNG prices hovering close to the upper end of their recent band. Sure, storage remains part of the conversation—but as the warmer forecast sticks, that angle is quickly losing its punch.
Commodity Weather Group is calling for warmer-than-usual conditions to stick around the Midwest and South through Feb. 20. Over in drilling, Baker Hughes reported that active U.S. natural gas rigs climbed by five last week, reaching 130—up to a level not seen in two and a half years and reinforcing the ongoing supply story. 3
The market’s still on edge. Any sudden cold snap or new hit to production could tighten things up fast this winter — and while the broader U.S. outlook has softened, the Northeast still isn’t in the clear.
The next key number for traders to watch is Thursday’s U.S. weekly storage report—essentially the market’s go-to gauge for shifts in inventory levels. 4
Looking to the week ahead, shifting weather forecasts could cause the biggest swings—up or down. The next flashpoint: Thursday’s storage report on Feb. 12. Traders are watching closely to see if withdrawals keep topping the usual pace as we get deeper into February.
Copper price reached the corrective target in Friday’s trading by reaching $5.5100 extra support level, rebounding quickly but its stability below $5.9700 barrier by providing negative momentum by stochastic, so that makes us keep the corrective scenario in the near- term trading.
Therefore, we expect renewing the negative attempts to press on $5.5100 level again, and breaking it will ease the mission of targeting new negative stations that might extend towards $5.4100 and $5.2800.
The expected trading range for today is between $5.5100 and $5.9500
Trend forecast: Bearish
Platinum price attempted to surpass the negative pressures by forming some bullish waves, achieving $2145.00 level to settle above the moving average 55, noting that this rebound will not confirm regaining the bullish trend, due to the continuation of forming an important barrier at $2245.00 level, which makes us prefer the sideways bias dominance in the current period trading until gathering negative momentum, which allows it to decline below $1950.00, to target the corrective stations near $1860.00 and $1740.00.
While breaching the barrier and holding above it, will increase the chances of recording several gains, to expect its rally towards $2340.00 to press on $2425.00 barrier.
The expected trading range for today is between $1780.00 and $2070.00
Trend forecast: Bearish