Silver price forecast: holding $51.05 could put $55.35 on the radar
ITF Team2 min read
Silver held $51.05 on Nov 8, 2026 after strong payrolls lifted Treasury yields and the dollar, while traders price a 78% chance of a Fed hike in December.
Key takeaways
- Silver closed at $51.94 on Nov 6, 2026, up 0.43%.
- U.S. 10‑year Treasury yield rose to 4.814% after the payrolls report.
- Fed funds traders now see a 78% probability of a 0.25% hike in December.
- A break below $51.05 could retest $48.62, while a move above $55.35 may trigger a surge toward $60.02.
Silver edged higher on Friday, Nov 8, 2026, after a stronger‑than‑expected U.S. non‑farm payrolls report pushed Treasury yields and the U.S. dollar higher. The metal held around $51.05, a level that analysts say could determine whether the next target of $55.35 becomes realistic.
Payroll data lifts yields and the dollar, capping silver’s recovery
The payroll surprise lifted the 10‑year Treasury yield to 4.814%, matching the prior day’s low and keeping the yield within a long‑term retracement zone of 4.865%‑4.747%. Higher yields raise the real cost of holding non‑interest‑bearing assets such as silver, while the dollar surged to a two‑week high of 102.358 against the yen.
Higher yields also fed expectations that the Federal Reserve could keep rates elevated longer. Fed‑funds market participants now assign a 78% probability to a 25‑basis‑point hike in December, up from 72.8% before the jobs data.
Technical picture: key support, resistance and trend lines
On the daily swing chart the main downtrend remains intact. A break above $54.63 would flip the main trend upward, while a fall through $48.62 would reaffirm the downtrend. The minor downtrend could reverse if price clears $53.48.
Long‑term retracement zones are anchored by the all‑time high $60.835 (50% level) and the 61.8% Fibonacci at $46.48. Inside this band, the intermediate 50% level sits at $55.35, the short‑term 50% at $51.63, and the minor 50% at $51.05, which is also the current support base.
Read also: Silver price forecast: rally faces US CPI test after dollar jump
What traders should watch next
If silver sustains above $51.05 and breaches $51.63, buyers may target the minor swing top at $53.48 and then the next resistance at $54.63. A decisive move past $55.35 could launch a rally toward the 50‑day moving average near $60.02.
Conversely, a sharp break below $51.05 would reopen the path to $48.62 and potentially to the deeper long‑term support at $46.48‑$45.55. Market participants will also monitor upcoming U.S. inflation data and any Fed commentary for further clues on rate trajectory.
- Current spot price: $51.94 (Nov 6)
- Support levels: $51.05, $48.62
- Resistance levels: $53.48, $54.63, $55.35
- 10‑year Treasury yield: 4.814%
- Fed December hike probability: 78%
Frequently asked questions
Why did the payroll report affect silver prices?
The stronger‑than‑expected payrolls pushed U.S. Treasury yields higher, which raised the real yield on cash. Higher real yields make non‑interest‑bearing assets like silver less attractive, limiting its early recovery and keeping the metal near $51.05.
What is the significance of the $51.05 level for silver?
$51.05 is the minor 50% Fibonacci level and the current short‑term support. Holding above it suggests buyers may form a higher bottom, while a break below could reopen the path to $48.62 and deeper downside.
Official data sources
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This article is compiled from international market news for information only. It is not investment advice.