Silver (XAG/USD) climbs to a fresh all-time high near the $66.00 mark during the Asian session on Wednesday, extending its strong bullish momentum. The rally in the white metal is being fueled by a string of weaker-than-expected US economic indicators, which have intensified concerns about the underlying strength of the world’s largest economy.
Recent US data highlighted growing signs of labor market and consumer slowdown. November’s Nonfarm Payrolls (NFP) report showed the Unemployment Rate rising to 4.6%, the highest level since September 2021. While the economy added 64,000 jobs—above the 50,000 market forecast—this followed a sharp loss of 105,000 jobs in October, reinforcing the narrative of a cooling labor market.
At the same time, US Retail Sales were flat on a month-on-month basis in October, missing expectations for a modest 0.1% increase and pointing to softening consumer demand. Adding to the negative tone, the preliminary S&P Global Purchasing Managers’ Index (PMI) slipped to 53.0, down sharply from 54.2 in November, signaling a loss of momentum in business activity.
Mounting economic uncertainty in the US has boosted demand for safe-haven assets, with Silver emerging as a key beneficiary.
Looking ahead, the broader outlook for Silver remains constructive, supported by expectations that the Federal Reserve (Fed) will deliver more interest rate cuts in 2026 than the single cut projected by officials at December’s policy meeting. According to the CME FedWatch tool, markets are pricing in a 67.6% probability of at least two rate cuts next year, a backdrop that continues to favor non-yielding assets such as precious metals.
Silver technical outlook
Silver is trading nearly 3% higher around $66.00 during Asian hours. The 20-period Exponential Moving Average (EMA) is rising steadily near $63.28, with price action holding comfortably above this level and keeping the short-term bias firmly positive.
The 14-period Relative Strength Index (RSI) is currently at 69.16, hovering just below overbought territory, which suggests that bullish momentum may pause or consolidate before the next leg higher.
As long as Silver remains above the rising 20-period EMA, the broader bias stays bullish, with any pullbacks likely to be cushioned. A decisive break below this dynamic support would weaken the intraday outlook and expose the metal to a deeper correction toward the psychological $60.00 level. Conversely, a sustained hold above current levels would keep upside risks intact and increase the probability of an extension toward the $70.00 handle.
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