April 6, 2026 Spot Silver Morning Analysis

Last week, spot silver overall showed a pattern of spiking up and then pulling back, with a one-way weakening move. At the start of the week, driven by Middle East geopolitical risk-averse sentiment, silver prices once surged to probe the high end. Then, affected by two negative factors: the U.S. non-farm payroll data coming in better than expected, and Federal Reserve rate-cut expectations cooling sharply, as well as related remarks gaining traction, the U.S. dollar and U.S. Treasury yields continued to strengthen, comprehensively suppressing the performance of precious metals. Silver entered a period of consecutive declines, and the weekly chart printed a big bearish candle, completely breaking the previously slightly bullish consolidation pattern. With the market closed over the weekend, bearish sentiment kept accumulating. This morning, silver prices directly gapped down and opened lower, and then remained in low-range consolidation, clearly showing the overall weak trend.

Non-farm payroll data greatly exceeded market expectations, directly causing June Fed rate-cut expectations to almost be wiped out. The U.S. dollar index and U.S. Treasury yields surged in tandem, becoming the core factor suppressing silver prices. Although the Middle East geopolitical situation still provides some safe-haven support, in the face of macro negative factors its impact is weak, making it difficult to reverse silver’s weakness. No major economic data is released during the day; the price action mainly focuses on technical repair and digesting the previous negative factors.

In the short term, silver is in a narrow range oscillation at low levels; the overall downtrend is clear, and the prior support levels have all been broken.

Strong support below: $70 (17,500 RMB/kg). If it breaks, it will further open downside room, looking toward the $68 level
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Resistance above: $73-74 (18,200-18,400 RMB/kg). This zone is the key overhead resistance for rebounds

Trading suggestion: If $70 holds steady and does not break: go for a small-size long, stop loss at $69.5, target $73-74
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If rebounds into $73-74 and faces resistance: follow the trend to short, stop loss at $74.5, target $71-70

The above is only personal advice, for reference only, and does not constitute an investment basis. Please refer to Cheng Jingsheng Shi Pan’s layout for specifics!!#XAG $XAG