Silver Corrects After NFP, But Upward Bias Remains
Silver prices moved slightly lower on Thursday (February 12th), but remained near weekly peaks after a sharp rally in the previous session. Spot silver was last at $83.94/oz, down 0.36% at 4:00 PM ET, marking a cooling-off phase following the high volatility of the past few days.
Pressure arose after strong US labor data prompted market participants to reduce expectations for an imminent interest rate cut. A delayed report showed nonfarm payrolls rose by 130,000 in January and unemployment fell to 4.3%, bringing the prospect of "higher for longer" interest rates back into the equation.
Nevertheless, silver's decline appears limited as the dollar's strengthening is not entirely aggressive, while safe-haven interest remains entrenched amid uncertainty over policy and the direction of upcoming US data. The market is also tending to be more cautious ahead of the inflation release, leading some investors to lock in profits without making drastic position changes.
Technically, the $82–$83 zone is now the closest support test area, while $86.30 remains a key resistance area (weekly peak). As long as silver can hold above this support, the short-term bullish bias is considered intact—but the movement has the potential to remain "wavy" depending on the direction of the dollar, yields, and subsequent data.
Source: Newsmaker.id
