On evaluating the movements of the on a daily chart since the advent of an uptrend on Nov.20, 2025 from the tested lows on that day at $48.047 has experienced a surge of approximately 154.37% in 70 days with a 65-degree angle of elevation to test a record peak on Jan.29, 2026 at $121.933, before starting a steep single-day fall of approximately 37.37% on Jan.30, 2026, and after testing the significant support at the 50 EMA ($74.510), closed the day at $78.456.
On Feb.2, 2026, despite testing a low below the 50 EMA, silver futures bounced back approximately 24.20%, resulting in the formation of an indecisive candle, and closed the day at $82.934.
Undoubtedly, Silver futures were slapped with a heavy dose of profit-taking after U.S. President Donald Trump nominated former Federal Reserve governor Kevin Warsh as the next chairman of the central bank.
While the nomination cleared up a major point of uncertainty for markets, sapping some safe-haven demand, Warsh is also seen as a less dovish pick than markets were expecting.
Warsh has largely supported Trump’s demands for lower interest rates. But he has also criticized the Fed’s asset buying activities and called for a smaller balance sheet– a theme that could see monetary policy remain relatively tight in the coming years.
The dollar rebounded from near four-year lows after Warsh’s nomination, further pressuring metal markets.
Focus is now on upcoming U.S. nonfarm payrolls data, due this Friday, for more definitive cues on the world’s largest economy and the path of interest rates.
On Feb.3, after starting the day at $82.840, testing a low at $80.960, and reaching a day’s high at $85.685, silver futures are currently trading at $84.485, showing continuation of selling pressure, despite the formation of an indecisive candle look ready to experience extended selling pressure from the current levels.
Technically, the impact of the reversal in the spot gold and silver ratio looks evident enough to trigger fresh selling in silver futures if they try to test the immediate resistance at the 20 EMA ($88.660), as the futures are trading below this significant resistance while the 9 EMA has tilted downward, and could form a bearish crossover in the daily chart.
If the silver futures find a breakdown below the immediate support at $79.717, it could push the futures to test the next support at the 50 EMA ($74.552).
Undoubtedly, if the spot gold and silver () ratio finds a breakout above the immediate resistance at 59.93, a selling spree will be accelerated in both gold and silver.
Disclaimer: Readers are advised to take any position in silver futures at their own risk, as this analysis is based only on observations.
