February 2, 2026 Spot Silver Morning Analysis

Silver surged nearly 20% in the morning, a sharp decline does not indicate a trend reversal, it is just profit-taking after a big rally plus emotional panic selling. The core strategy remains firm: wait for a pullback to buy low, avoid chasing shorts, and stay calm.

Today’s spot silver experienced a unilateral sharp decline. The main reason for the plunge is the concentrated profit-taking after a previous large increase, combined with Trump’s nomination of hawkish Waller as Federal Reserve Chair, which cooled down rate cut expectations. The dollar rebounded, and leveraged funds were forced to liquidate, amplifying the decline.

However, there is clear support, with London Silver at $74-76 providing strong support. Additionally, the booming demand in photovoltaic new energy industries, central banks around the world increasing their holdings of precious metals, and physical buying during the Spring Festival support the bottom. The long-term bullish supply and demand gap for silver and the rate cut logic remain intact.

From a technical perspective, RSI is oversold, and selling pressure has basically been released. The main early morning rhythm is a sharp decline followed by a rebound and consolidation, with clear room for a rebound.

Operate mainly by buying low throughout, avoid chasing shorts. Lightly buy in the $75-77 range of London Silver, with a stop loss at $74, and target $82-86. Do not chase high on rebounds; if prices fall back, add to positions.

Short-term consolidation and correction present a good opportunity to buy low. After the correction, silver’s elasticity outperforms gold, and it is highly likely to resume an upward trend.

Disclaimer: This article is for analysis purposes only and does not constitute investment advice. The market carries risks; please trade cautiously.