Silver price forecast: XAG/USD jumps 3% to all-time high amid safe-haven demand
Silver [XAG/USD] is trading near $69 in Monday’s European session, holding onto the momentum from an explosive start to the week. Price surged more than 3% during the Asian session, jumping from last Friday’s close of $67.3 to an intraday high of $69.4. This level marks an uncharted all-time high for the metal.
Highlights
- Silver jumps to $69.4 all-time high as CPI and geopolitical tensions boost safe-haven demand.
- Silver RSI enters overbought zone as risk of pullback ignites before thin holiday liquidity.
- XAG/USD must hold above $66 support to maintain bullish momentum after spike.
The bullish move was partly supported by cooler-than-expected U.S. CPI data and a weaker-than-expected jobs report, both of which pointed to disinflationary pressure. However, the market’s expectations for a Fed rate cut at the upcoming January 28 meeting are still modest, holding at 22% according to Capital Edge Rate data. This indicates that silver’s price action is not being driven solely by monetary policy expectations.
Silver price dynamics (Dec 2025). Source: Tradingview
Economists have also cautioned that the CPI print may have been distorted due to the recent 43-day U.S. government shutdown, casting doubt on the accuracy of the inflation data. Against that backdrop, silver’s continued upside suggests stronger underlying forces at play, including persistent safe-haven flows linked to geopolitical tensions and market demand for value-preserving assets.
Holiday thin liquidity and overbought RSI suggest risk of near-term consolidation
Ongoing geopolitical tensions in the Middle East, including the Israel-Iran standoff and growing strain between the U.S. and Venezuela, have intensified investor appetite for hard assets. The demand for wealth preservation assets has lifted both silver and gold in recent sessions.
Technically, the Relative Strength Index on both the 4-hour and daily charts has entered overbought territory. That suggests the current rally may be overheating, especially ahead of the holiday period, where liquidity typically thins, and traders tend to lock in profits.
On the hourly chart, support is now defined by the short-term moving averages. The 20 EMA sits at $68, the 50 EMA at $66.8, and the 100 EMA at $66. These levels offer key bases for any profit-taking-induced pullback, especially given how steep the recent run has been. The outlook for silver stays constructive as long as price action holds above the $66 threshold, though the next immediate move may be consolidation rather than continuation.
In recent analysis, we discussed how silver held above $64.47 support after the CPI miss and tech-sector pressure. XAG/USD rebounded toward $66 as geopolitical tensions and dovish CPI data supported demand.
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