The market sentiment remains strong, with short-term fluctuations leaning bullish; any pullback is a buying opportunity.

January 23, 2026

Currently, silver is driven by multiple positive factors: On one hand, geopolitical tensions and weakening US economic data are fueling safe-haven buying; on the other hand, the global transition to green energy is increasing industrial demand, providing medium- to long-term support for silver prices. Additionally, approaching the Spring Festival holiday, profit-taking by some funds may cause short-term volatility, but this does not alter the upward trend.

The previous price surged rapidly from a low of 96.69 to a high of 99.21, then retraced to around 98.75 for consolidation. The 98.5-98.8 range has formed effective support, with clear buying interest. The previous high of 99.21 is a short-term key resistance level; a breakout above it could open the way for further gains.

The short-term market remains in a predominantly bullish consolidation pattern. It is recommended to wait for a pullback to the 98.5-98.7 range for stabilization before entering long positions, with a stop loss below 98.3. The target is around 99.0-99.2; a breakout could see prices near 99.5.

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