As of Friday, January 9, 2026, Silver $XAG is showing a bullish outlook despite some recent volatility. The price surged over 3% to $79.73 after briefly piercing $80.
Here's a summary of the latest analysis:
Current Price and Trends:
Price: XAG/USD was trading around $79.73, up 3.56% on Friday. It had also gained ground earlier in the day, trading around $77.20 during Asian hours.
Bullish Bias: Technical analysis suggests a sustained bullish bias, with the price remaining within an ascending channel pattern.
Momentum: The 14-day Relative Strength Index (RSI) is at 63.63, indicating a neutral-bullish momentum and ticking higher. An RSI above 60 favors further gains, while a pullback towards 50 could signal fatigue. Bullish Exponential Moving Averages (EMAs) remain intact, supporting pullbacks above the short-term average.
Year-to-Date and Yearly Performance: Silver has seen a 6.27% year-to-date change and a significant 165.22% change over the past year.
Key Levels and Targets:
Resistance: Bullish traders are currently facing resistance at the swing top of $82.77 and the main top at $84.03. The price could potentially test the record high of $85.87, which was set on December 29, 2025, and the upper boundary of the ascending channel around $86.90.
Support: A critical short-term support zone is identified between $77.05 and $78.70, which is currently controlling the near-term direction. The nine-day EMA at $75.81 offers initial support, followed by the lower ascending channel boundary around $75.00.
Downside Risk: If the $77.05 level fails, prices could retreat to an uptrend line from the November bottom at $48.64, which is currently at $74.83. A convincing break below this trendline could lead to further decline towards a pivot at $72.41 and potentially the main bottom at $70.07.
Driving Factors:
Weaker US Jobs Data: XAG/USD jumped after investors reacted to weaker-than-expected US jobs data, which can influence the Federal Reserve's policy outlook.
Geopolitical Tensions: Elevated geopolitical tensions are contributing to safe-haven demand for precious metals like silver.
Inflow of Capital: There has been a buying wave in precious metals, potentially driven by asset managers at the beginning of the year.
Dovish Shift: A dovish pivot from the NY Fed President Williams was also cited as a catalyst for the recent upward movement in precious metals.
Technical Indicators:
Various technical indicators, including moving averages, suggest a "Strong Buy" signal for XAG/USD on a daily timeframe.#XAG