Silver rebounds as dip-buyers step in ahead of delayed US jobs data

• Silver rebounds sharply as a softer US Dollar supports prices ahead of the delayed US NFP report.
• The Silver Institute flags continued physical tightness and a sixth straight global market deficit in 2026.
• XAG/USD stabilises near the 38.2% Fibonacci retracement, with volatility still elevated but starting to ease.

Silver (XAG/USD) climbs on Wednesday, reversing the previous day’s losses as a softer US Dollar (USD) offers support ahead of the delayed US Nonfarm Payrolls (NFP) report due at 13:30 GMT. At the time of writing, XAG/USD is trading near $85.60, up almost 5.70% on the day.

The short-term technical picture is beginning to stabilise after the recent sharp and disorderly price swings, with buyers gradually regaining control as the broader supportive macro backdrop continues to draw dip-buying interest.

The latest Silver Institute report, released on Monday, said geopolitical risks, persistent US policy uncertainty and concerns over the independence of the Federal Reserve (Fed) continue to underpin investor demand for the white metal.

The group expects the global Silver market to post a sixth consecutive annual deficit in 2026, adding that continued physical tightness has further amplified upward price momentum.

From a technical perspective, XAG/USD is attempting to stabilize after the sharp sell-off from recent highs, with price holding close to the 38.2% Fibonacci retracement of the rally from $64.04 to $121.66, located near $85.75.

A clear move back above this level could allow a recovery toward the 50% retracement near $92.50, followed by the 61.8% level around $99.25.

On the downside, failure to hold above the 38.2% retracement would keep pressure on prices and expose the next support at the 23.6% retracement near $77.40.

Momentum remains neutral, with the RSI hovering around the 50 mark, signalling a lack of clear directional conviction. Meanwhile, the ATR (14) remains elevated but is starting to ease, indicating that volatility is still high. Meanwhile, the still-elevated ADX near 42 suggests the broader trend remains strong, even as prices move sideways.