Key takeaways
- Silver’s bullish trend remains intact despite volatility: A sharp 13% flash crash failed to break the ascending trendline from early January, with prices holding above the key US$99.39 support, preserving the short-term bullish bias.
- Top-performing asset YTD, driven by macro tailwinds: Silver is up ~52.5% YTD, outperforming gold by a wide margin, supported by a weaker US dollar and heightened geopolitical risk that amplifies its higher-beta characteristics.
- Momentum and relative strength still favour upside: RSI indicators remain above key support levels, while Silver continues to outperform Gold on a relative basis, keeping higher resistance targets in play unless US$99.39 decisively breaks.
Silver is the top asset performer so far
Fig. 1: Year-to-date performances of major cross assets as of 26 Jan 2026 (Source: MacroMicro)
Silver (XAG/USD) has soared as expected, cleared above the highlighted US$90.90 trigger level, and hit our intermediate resistance level of US$101.15 as highlighted in our previous analysis.
Among the major cross-asset classes, Silver has emerged as the top-performing asset. Based on year-to-date performance as of Monday, 26 January 2026, spot Silver (London Bullion Market Association) has recorded a stellar gain of 52.3% (see Fig. 1).
It even surpassed spot Gold (+16.6%) by around three times due to its higher beta factor, supported by a continuation of the weakening US dollar trend since 15 January 2026 and elevated geopolitical risk premium reinforced by an expansionary/aggressive US White House’s foreign policy.
On Monday, 26 January US session, Silver (XAG/USD) soared to a fresh intraday all-time high of US$117.54 before it tumbled swiftly 13% in the next four hours to hit an intraday low of US$102.52 on Tuesday, 27 January Asian session.
Silver (XAG/USD) has recovered partially with an intraday gain of 8.6% to trade at US$112.72 at the time of writing.
Let’s now dissect the latest short-term (1to 3 days) trajectory of Silver (XAG/USD) from a technical analysis perspective.
Short-term trend bias (1 to 3 days): Bullish; remains supported by ascending trendline
Fig. 2: Silver (XAG/USD) minor trend as of 27 Jan 2026 (Source: TradingView)
Fig. 3: Silver (XAG/USD) medium-term trend as of 14 Jan 2026 (Source: TradingView)
Despite the latest 13% plunge, Silver (XAG/USD) has continued to trade above a key minor ascending trendline in place since the 8 January 2026 low of US$73.84, now acting as a support at around US$99.39.
Hence, watch the 99.39 short-term pivotal support to maintain the minor bullish impulsive up move sequence for the next intermediate resistances to come in at US$119.54/121.61 and US$126.12/127.62 (Fibonacci extension clusters) (see Fig. 2).
On the other hand, a break and an hourly close below US$99.39 invalidates the bullish tone to open scope for a deeper minor corrective decline sequence to expose the next intermediate support at US$95.88 before the medium-term pivotal support zone of US$92.24/87.72 (also the 20-day moving average).
Key elements to support the bullish bias
- Both the 1-hour and 4-hour RSI momentum indicators of Silver (XAG/USD) have continued to remain above their respective key ascending supports, holding above the 50 level. Bullish momentum remains intact.
- The 4-hour relative strength ratio of Silver/Gold has continued to trend higher above its 20-day moving average, which suggests potential continuation of Silver’s outperformance against Gold in the medium-term time horizon (see Fig. 3).
