Key takeaways
Silver breaks into price discovery: XAG/USD has erased its early-January correction, surged alongside gold, and hit a fresh record high above US$91, confirming the resumption of an accelerated short-term uptrend.
Macro tailwinds remain supportive: Rising geopolitical risk premiums, softer US inflation, and expectations of continued Fed rate cuts into 2026 are reinforcing bullish momentum in silver.
Key technical levels to watch: Holding above US$86.27/84.03 keeps the minor uptrend intact, while a sustained break above US$90.90 opens the door toward US$94.60–95.81 and US$98.74–99.46, with a longer-term secular target near US$101.15.
The recent bullish price actions of Silver (XAG/USD) in the past four trading sessions that moved in line with Gold (XAU/USD), another precious metal, have eradicated the earlier expected extended minor corrective decline structure of Silver (XAG/USD) where price staged a prior decline of 10% (high to low) from 7 January to 8 January 2026.
In today’s Asia session, 14 January 2026, Silver (XAG/USD) has continued to extend its up move with an intraday rally of 4.3% to hit another record high of US$91.57 at this time of writing, breaching above the US$90.00 psychological level for the first time.
Macro factors such as rising geopolitical risk premiums in the Middle East arising from Iran’s civil unrest, which may lead to regime change with involvement from the US, together with a likely continuation of the US Federal Reserve’s rate cuts extension into 2026 after US core CPI for December 2025 came in below expectations (both m/m and y/y basis) have served as reinforcing positive feedback loops into Silver (XAG/USD).
Let us now take a look at Silver (XAG/USD) from a technical analysis perspective to decipher its short-term movement (1 to 3 days).
Short-term trend bias (1 to 3 days): Relentless minor uptrend intact
Fig. 1: Silver (XAG/USD) minor trend as of 14 Jan 2026 (Source: TradingView)
Fig. 2: Silver (XAG/USD) long-term secular trend as of 14 Jan 2026 (Source: TradingView)
Watch the US$86.27/84.03 key short-term pivotal support on Silver (XAG/USD) to maintain the short-term minor uptrend phase in motion since the 8 January 2026 low of US$73.84.
A clearance above a major resistance of US$90.90 (depicted on the weekly chart) increases the bullish acceleration mode for Silver (XAG/USD) for the next intermediate resistances to come in at US$94.60/95.81(upper boundary of the minor ascending channel and Fibonacci extension cluster), followed by US$98.74/99.46 (Fibonacci extension cluster).
However, a break with an hourly close below US$84.03 invalidates the minor bullish impulsive sequence to flip the bias back to a likely minor corrective decline sequence again to expose the next intermediate supports at US$79.86 and US$74.07 (also the 20-day moving average).
Key elements to support the bullish bias
- The price actions of Silver (XAG/USD) have continued to trade above its rising 20-day and 50-day moving averages.
- Since 8 January 2026 low of US$73.84, the price actions of Silver (XAG/USD) has evolved into a minor ascending channel.
- The hourly MACD trend indicator has staged an intraday bullish breakout in today’s Asia session, 14 January 2026, above its centreline, which reinforces the ongoing minor uptrend phase for Silver (XAG/USD).
- In a longer-term secular trend structure from an Elliot Wave/Fibonacci analysis perspective, Silver (XAG/USD) is likely in an extended major/secular bullish impulsive up move sequence, labelled as wave III in place since 29 August 2022 low, with the next major resistance coming in at US$101.15 (see Fig. 2).
