Silver fell in Asia to below $84.00, then rebounded but did not extend gains. It traded just under the mid-$85.00s and was down 0.40% on the day. Price action stayed below the 100-hour EMA near $86.15, which limited intraday rises. The near-term tone was neutral with a slight bearish tilt. The MACD histogram turned marginally positive and the MACD line moved above the signal line, near the zero level. This pointed to only limited upside momentum after a prior drop. The RSI was near 43 and remained below its midline, which suggested ongoing selling pressure. Resistance was first seen at $86.15, with the next level near $87.20 if price breaks higher. Support sat near $85.30, then around $84.85, which held the latest rebound. A sustained move below $84.85 could open the lower $84.00 area, while a move above $86.15 could reduce the bearish bias. The technical analysis was produced with help from an AI tool. We are seeing that silver’s inability to hold gains above the mid-$85.00s points to underlying weakness. Any attempt to rally is quickly being sold off, particularly as it approaches the key resistance level around $86.15. This pattern suggests that sellers are currently in control of the short-term price action. This price behavior is consistent with recent macroeconomic data. The US Dollar Index has remained firm above 105 following last week’s stronger-than-expected jobs report, creating headwinds for dollar-denominated commodities like silver. Furthermore, we note that manufacturing PMI data out of China for February 2026 came in at a contractionary 49.8, signaling a slowdown in industrial demand which is critical for silver. For traders using options, this creates an opportunity to sell call credit spreads with a short strike above the $86.15 resistance level. This strategy would profit from either a continued decline in price or if silver simply remains range-bound below that key hurdle in the coming weeks. The limited upside momentum shown by the MACD indicator supports this neutral-to-bearish stance. Those holding short futures positions should view the $84.85 level as the first critical support to watch. A decisive break below this price would confirm the bearish trend and likely lead to a test of the lower $84.00 area. Any sustained move back above the $86.15 mark would be our signal to reconsider bearish positions. This current technical setup is reminiscent of the price action we observed during the third quarter of 2025. Back then, a similar failure at a key moving average preceded a significant leg down in price. We are watching carefully to see if history repeats itself, as the broader market conditions appear just as challenging now as they did then.

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