Chart alert: Silver 13% flash crash has not damaged its bullish trend

Ben Graham · January 27

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.

This is a follow-up analysis and an update of our prior report, “Chart Alert: Silver (XAG/USD) resumes accelerated uptrend, US$90.90 upside trigger to watch”, published on 14 January 2026.

Silver is the top asset performer so far

Chart alert: Silver 13% flash crash has not damaged its bullish trend - ExpertFX School — 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

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).

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2026 OANDA Business Information & Services Inc.