Silver price tests $94 as dollar pressure returns

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Silver price tests

Highlights

Spot silver traded near $93.67, recovering strongly after Thursday’s pullback.
A firmer dollar remained a constraint, with the DXY near 97.79.
Lower Treasury yields offered support as the 10-year slipped below 4%.

Price map shifts higher after a two-day whipsaw

Silver’s chart has become a momentum test again. After dropping back below $87 on Thursday, the metal rebounded toward $94 on Friday, reclaiming much of the lost ground and showing that buyers were still willing to step in quickly after the latest shakeout. That kind of reversal usually points to an active market, but not yet a calm one.

The immediate technical zone now runs between roughly $90 and $94. Holding above $90 would suggest the market is rebuilding a higher floor after February’s swings, while a clean move through $94 would put silver back near the top end of its recent trading range and reopen the question of whether the metal can challenge January’s extreme levels again.

On the downside, the recent retreat into the mid-$80s remains the most visible support reference from this week’s trade. If prices slide back through that area, the rebound starts to look more like short covering than fresh conviction. For now, the stronger signal is that silver remains highly responsive to dips, even after its earlier spike and correction.

Silver price dynamics (January - February 2026). Source: TradingView.

Dollar strength limits momentum, but rates are less restrictive

The macro backdrop is sending mixed signals. The dollar index edged up to about 97.79 on Friday, extending a modest monthly rise and keeping pressure on dollar-denominated commodities. That matters for silver because a firmer U.S. currency raises the cost of entry for buyers outside the United States and can slow follow-through after sharp rallies.

At the same time, Treasury yields moved the other way. The U.S. 10-year yield fell below 4% on Friday, touching about 3.98% and marking its lowest level since late November. Lower yields reduce the opportunity cost of holding non-yielding assets, which has helped keep precious metals supported even when the dollar firms.

What traders are watching into the close of February

The next question is whether silver can finish February with stability rather than another violent swing. Friday’s rebound suggests the market absorbed Thursday’s drop without losing broader interest, and a close near current levels would reinforce the view that recent weakness was corrective rather than a deeper reversal.

Traders will likely keep watching three signals first: whether the dollar extends its recovery, whether the 10-year yield stays below 4%, and whether geopolitical headlines keep defensive demand elevated. If yields remain soft and risk appetite stays cautious, silver could stay supported even without a weaker dollar.

As previously reported, silver has seen a safe-haven demand due to heightened geopolitical risks involving the U.S. and Iran, driving renewed buying interest after recent volatility.

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