Silver (XAGUSD) reached an all-time high of $121.64 on January 29, 2026, before entering a larger corrective phase. The decline has unfolded as a zigzag Elliott Wave structure, a common corrective pattern in technical analysis.
Risk appetite has improved noticeably following the 15-point peace plan put forward by the Americans to Iran earlier today, helping drive a sharp rally in silver. While Tehran is unlikely to agree to it in its current form, markets are treating it as a signal of de-escalation rather than a stalling tactic, at least for now.
Silver Price Forecast: XAG/USD flirts with 200-hour EMA/38.2% Fibo. confluence near $74.00
Participants cannot be blamed for the current uncertainty; we are now in the aftermath of a series of decisions made by major Central Banks. Fundamentals are inconsistent, leading to a widespread sense of confusion across all asset classes, resulting in a slow consolidation.
XAU/USD, XAG/USD Outlook: Following a chaotic session of 10% swings, precious metals enter a slow consolidation phase amid inconsistent central bank fundamentals. As Silver ticks up 1% and Gold retreats from $4,400, markets await clear catalysts.
Silver Price Forecast: XAG/USD posts modest gains but faces headwinds
Technicals are just as they were yesterday – everything that I wrote yesterday remains up-to-date. I'd like to update you on the WHY behind the recent price moves.
Silver continues to see a bit of sideways action, as we are looking to see whether or not we are going to bounce back.
Silver price today: Silver rises, according to FXStreet data
Silver Price Forecast: XAG/USD weakens to $66.50, bears retain control below 100-day SMA
Silver remains under pressure below key averages but is testing support near $61, where a potential reversal may develop if buyers confirm strength above resistance.
This is likely the beginning of the 2008-all-over-again scenario that I've been warning about for months – perhaps in an even more brutal way.