February 3, 2026 Spot Silver Morning Analysis

Currently, spot silver is in a "main upward trend with short-term fluctuations." Don’t be fooled by the recent London silver price hovering around 83, with a slight pullback; in fact, the volatility is temporary, and the upward trend remains unchanged.

The core reason is straightforward: in industry, photovoltaic, new energy vehicles, and AI are all competing for silver, with demand surging and no substitutes yet. Most silver is a byproduct of other minerals, making expansion difficult. The global supply has been insufficient for five consecutive years. Additionally, many central banks are buying silver as strategic reserves, and China is controlling exports, further tightening supply.

In the short term, support levels are around $80 per ounce, with strong support at $78, and resistance mainly near $90. The previous sharp decline was due to hawkish expectations from the Federal Reserve, which was a short-term emotional shock, not a change in fundamentals.

In terms of trading, avoid chasing rallies. Wait for a pullback to the $80–82 range to buy low, with a stop-loss set below $78. The initial target is $85–87. During volatile markets, don’t go all-in; set proper stop-losses and follow the major trend driven by industrial demand and supply tightness, which is more reliable than guessing short-term ups and downs.

The above is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng’s strategic layout for specific decisions!