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Silver prices advanced 2.99%, or 2.22 points, due to the higher-than-expected U.S. Non-Farm Payrolls data. This release supports the Federal Reserve’s decision to remain patient on rate cuts. Both gold and silver rebounded from near one-week lows on bargain hunting. Spot gold rose 1% to $4,968 per ounce after falling more than 3% in the previous session. Gold futures in the U.S. for April delivery gained 0.7% to $4,985 per ounce. Spot silver increased 2.1% to $76.76 per ounce after dropping 11% on Wednesday. The Technical Outlook for Spot Silver Price: The chart shows that the silver price remains under pressure. Silver is in a broader corrective phase after a strong rally that peaked above the 110.00 level. The sharp decline that followed confirmed a bearish shift in momentum, with a break below the key resistance level of 93.92. Then, the price fell toward the major support level at 70.09. Currently, the price is consolidating between the 70.09 support and the 84.03 resistance. This indicates indecision and a range-bound structure. A deeper support level is located at 56.19, representing the lower boundary of the larger bullish trend. On the bullish side, if the price manages to hold above the 70.09 support and break above the 84.03 resistance, this could strengthen buying momentum and pave the way toward 93.92. A decisive break above 93.92 would confirm a trend reversal and suggest the continuation of the broader bullish trend. On the bearish scenario, failure to maintain support at 70.09 would confirm continued selling pressure and could trigger a deeper decline toward 56.19. If this happens, it will indicate a continuation of the corrective phase and weakening overall market sentiment. The MACD shows that the bearish momentum is still intact, suggesting that selling pressure is weakening and a potential bullish crossover could develop if momentum improves. The RSI is sitting around the 41-47 range, which is below 50, indicating weak momentum and a slight bearish bias. However, since the RSI is not in oversold territory, it also reflects consolidation rather than strong bearish continuation. Technical analysis for the silver price on 13 February, built on TradingView The Key Drivers of Silver Price: The dollar index is trading flat against its peers on Thursday. It holds steady after mixed signals from the latest releases of U.S. indicators. When the US dollar strengthens, metals priced in dollars become more costly for investors using other currencies, which can reduce international demand. On Wednesday, the U.S. Non-Farm payroll showed that the market began 2026 on firmer footing than expected. This reinforced that the Federal Reserve may stay patient on rate cuts. In January, nonfarm payrolls increased by 130,000 jobs, rebounding from December’s downwardly revised gain of 48,000, while the unemployment rate slightly declined to 4.3%. Data released on Thursday showed that initial jobless claims declined to 227,000 in the week ending February 7. Investors are now closely waiting for inflation data due later in the day for more signals on the Fed's monetary policy path. How does a stronger US dollar affect silver prices? A stronger US dollar makes silver more expensive for holders of other currencies, which can reduce global demand and put pressure on prices. Why do US labor market data impact silver prices? Strong employment data may support a hawkish Federal Reserve stance, limiting rate cuts and strengthening the dollar, which can weigh on silver.