Silver (XAG/USD) surged to a fresh all-time high near $66 during Wednesday’s Asian session, extending its rally as disappointing U.S. data fueled safe-haven demand. A softer-than-expected jobs report, flat retail sales, and a weaker flash S&P Global PMI all raised concerns about the U.S. economic outlook.
Tuesday’s Nonfarm Payrolls release showed the unemployment rate climbing to 4.6% in November—the highest since September 2021—while payrolls added 64,000 jobs, beating forecasts of 50,000 but following a steep 105,000-job loss in October. October retail sales were unchanged month-on-month versus a forecasted 0.1% gain, and the preliminary S&P Global PMI for December fell to 53.0 from 54.2 in November.
Heightened economic jitters have driven investors toward silver. The outlook remains bullish as markets price in a greater likelihood of multiple Fed rate cuts in 2026 than officials projected at December’s meeting. According to the CME FedWatch Tool, there is now a 67.6% probability of at least two rate reductions next year.
Silver Technical Analysis
[Insert your chart analysis here]
Silver climbed nearly 3% to trade around $66.00 in Asian hours. The 20-period EMA, now at $63.28, is rising, and prices remain above it, underpinning a positive short-term tone. The 14-period RSI sits at 69.16—approaching overbought territory—which suggests momentum may cool before the next leg higher.
As long as silver holds above the rising 20-EMA, any pullbacks should find support and keep the bullish bias intact. A break below the 20-EMA would shift the intraday outlook negative, potentially exposing silver to a test of the $60.00 psychological level. By contrast, a sustained grip above $66.00 would reinforce upside prospects, opening the door to a move toward $70.00.
