Silver (XAGUSD) was trading near $67.07 as of 09:02 UTC (17:02 GMT+8) on 8 June 2026, down 1.05% on the session. May Nonfarm Payrolls (NFP) increased by 172,000, well above the ~85,000 analyst survey consensus, with April revised up to 179,000 – per the Bureau of Labor Statistics. ^[1]

The reading appeared to sharpen expectations that the Federal Reserve, now chaired by Kevin Warsh following his Senate confirmation on 13 May 2026, ^[2] may raise rates before year-end. All prices are referenced to the Vantage XAGUSD CFD as of 09:02 UTC (17:02 GMT+8), 8 June 2026. Charts from TradingView are indicative only. This is not financial advice.

Key Points

• May NFP increased by 172,000 against an analyst consensus of around 85,000, per the Bureau of Labor Statistics, ^[1] contributing to a shift in rate expectations ahead of Fed Chair Kevin Warsh’s first policy meeting on 16-17 June.

• According to the TradingView setup used for this analysis, the 50-day moving average sits at approximately $67.72 and the 200-day moving average at approximately $76.07. ^[3] With price at ~$67.07, the metal is trading below both – the 50-day MA near $67.72 represents the first resistance area above current price in focus while the 200-day MA now acts as resistance above.

• The RSI on the daily chart, as pointed out by the TradingView setup used for this analysis, registered 34.51 at the cut-off time – approaching oversold territory while a stronger US dollar and rising Treasury yields remain the dominant headwinds.

What the XAGUSD Chart Shows Right Now

The XAGUSD daily chart shows three distinct phases. Silver climbed from near $28 in April 2024 to a record high near $121 in late January 2026, according to the TradingView chart, ^[3] holding above both moving averages throughout as dovish Fed expectations and dollar weakness appeared to support the rally.

The nomination and Senate confirmation of Kevin Warsh as Fed Chair ^[2] coincided with a sharp shift in rate expectations: the DXY strengthened, CME Group raised margin requirements for silver futures, and forced liquidation contributed to a steep decline toward $71 by early February.

Silver then consolidated between $72 and $89 from March through May. That $72 level held as support across the period – until Friday’s NFP report. At 09:02 UTC on 8 June 2026, silver trades at $67.07: below both the 50-day MA (~$67.72) and the 200-day MA (~$76.07) per the TradingView setup used for this analysis.

The 50-day MA now represents the first resistance area above current price, while the 200-day MA sits overhead as stronger resistance, a configuration similar to conditions seen during early 2025.

Three Factors Weighing on Silver Price Today

NFP and the rates debate

Total non-farm payroll employment increased by 172,000 in May, with the unemployment rate unchanged at 4.3%, as cited by the Bureau of Labor Statistics. ^[1] The April reading was also revised up to 179,000. The 10-year Treasury yield moved above 4.5% and the DXY rose to its strongest level since early April following the release.

CME FedWatch data stated that the probability of a Fed rate hike before year-end 2026 rose to around 70% in the aftermath, ^[4] with the June 16-17 meeting still largely priced as a hold. Silver is priced in US dollars and carries no yield – both a stronger dollar and higher Treasury yields increase the opportunity cost of holding the metal.

Middle East tensions adding uncertainty

A US-Iran ceasefire was agreed on 8 April 2026, with President Trump extending the truce on 21 April pending Iran submitting a unified proposal to end the conflict – a move described by CNBC as leaving the extension open-ended without a fixed deadline. ^[5]

Subsequent Israeli-Iranian exchanges have kept oil prices elevated. Higher oil prices feed US inflation expectations and appear to support the case for keeping rates higher for longer, which has weighed on the investment case for silver this week.

Industrial demand: structural deficit, near-term headwind

PV Magazine, citing the Silver Institute has pointed out that photovoltaic demand is forecast to fall roughly 19% in 2026 as solar manufacturers reduce silver intensity per cell, with AI data centres and EV infrastructure partially offsetting the decline. ^[6] The global silver market is in its sixth consecutive year of physical deficit, but the structural supply picture has not offset the rates-and-dollar pressure in recent sessions.

Key XAGUSD Levels to Watch

The table below covers reference zones on the XAGUSD daily chart as of 09:02 UTC (17:02 GMT+8), 8 June 2026. These are reference points, not trade signals.

Table 1: XAGUSD key levels as of 09:02 UTC, 8 June 2026. Sources: TradingView, Bureau of Labor Statistics, FXEmpire. Indicative only.

With prices at ~$67.07 and the 50-day MA at ~$67.72 per the TradingView setup, the immediate support area in focus is nearby. A sustained move below it with follow-through conviction could open the path toward the $61.00-$60.83 cluster and the December 2025 breakout level near $59.34.

The 200-day MA at ~$76.07 now sits above price, acting as resistance alongside the prior $72.00-$72.60 zone. The wider $74.63-$83.61 retracement band from the January highs provides additional context for any recovery attempts.

What to Watch

• FOMC meeting, 16-17 June: Warsh’s first meeting as Fed Chair. Per CME FedWatch, the June meeting is largely priced as a hold, though the statement and any guidance on the rate path will directly shape dollar and precious metals positioning. ^[4]
• US CPI, mid-June: A further above-consensus inflation reading would reinforce the higher-for-longer rates narrative and add pressure on the silver price.
• Middle East ceasefire status: Any material change in the US-Iran ceasefire arrangement could move oil prices and, through the inflation channel, affect rate expectations and the dollar.

Risk Management Considerations

Silver has been responding to macro data and geopolitical headlines with little warning this week. Market participants often monitor nearby support zones when assessing risk – in this case the ~$67.72 50-day MA area and the $61.00-$60.83 cluster below. Market participants with exposure to correlated assets across gold (XAUUSD), silver, and dollar pairs may also consider reviewing combined exposure, as correlated instruments can move in the same direction in a risk-off session.

Leverage is a double-edged tool, particularly in a market repricing rate expectations in real time. With the 16-17 June FOMC approaching, volatility in silver CFDs may remain elevated. Reviewing position sizing relative to account equity ahead of upcoming data events is worth considering, as leverage amplifies moves in both directions.

RISK WARNING: CFDs are complex financial instruments and carry a high risk of losing money rapidly due to leverage. You should ensure you fully understand the risks involved and carefully consider whether you can afford to take the high risk of losing your money before trading.

Disclaimer: The information is provided for educational purposes only and doesn’t take into account your personal objectives, financial circumstances, or needs. It does not constitute investment advice. We encourage you to seek independent advice if necessary. The information has not been prepared in accordance with legal requirements designed to promote the independence of investment research. No representation or warranty is given as to the accuracy or completeness of any information contained within. This material may contain historical or past performance figures and should not be relied on. Furthermore estimates, forward-looking statements, and forecasts cannot be guaranteed. The information on this site and the products and services offered are not intended for distribution to any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

References

[1] “The Employment Situation – May 2026 – US Bureau of Labor Statistics” https://www.bls.gov/news.release/empsit.nr0.htm Accessed on 8 June 2026.

[2] “Kevin Warsh wins Senate confirmation as the next Federal Reserve chair – CNBC” https://www.cnbc.com/2026/05/13/kevin-warsh-wins-senate-confirmation-as-the-next-federal-reserve-chair.html Accessed on 8 June 2026.

[3] “Silver / U.S. Dollar Daily Chart – TradingView” https://www.tradingview.com/symbols/XAGUSD/ Accessed on 8 June 2026.

[4] “Fed Chair Warsh faces first FOMC test as rate hike odds surge to 70% – Congress.net (citing CME FedWatch)” https://congress.net/fed-chair-warsh-faces-first-fomc-test-as-rate-hike-odds-surge-to-70/ Accessed on 8 June 2026.

[5] “Trump extends ceasefire with Iran pending unified proposal – CNBC” https://www.cnbc.com/2026/04/21/trump-iran-war-ceasefire.html Accessed on 8 June 2026.

[6] “Silver demand from PV industry expected to drop 19% this year – PV Magazine USA” https://pv-magazine-usa.com/2026/04/15/silver-demand-from-pv-industry-expected-to-drop-19-this-year/ Accessed on 8 June 2026.