Silver Price Forecasts: XAG/USD nears all-time at $93.90 on risk aversion
- Silver resumes its broader bullish trend and returns above $93.00.
- Precious metals rally on Monday, amid US President Trump's threat of further trade tariffs.
- XAG/USD is under renewed bullish pressure, with the $93.90 all-time high in focus.
Silver (XAG/USD) is hovering at levels above $93.00, trading at a short distance from the $93.90 all-time highs hit last week, favoured by a strong risk-averse sentiment after US President Trump announced additional tariffs to some of its major European partners.
Trump has put investors on their toes on Monday after the announcement of 10% additional levies to eight EU countries, in retaliation for their opposition to the US annexation of Greenland. The announcement has prompted some Eurozone leaders to call for a “firm” response in an unprecedented escalation between Western allies.
Technical Analysis: Silver is under renewed bullish pressure
The 4-hour chart shows XAG/USD trading at $93.12, with technical indicators turning bullish again. The Moving Average Convergence Divergence (MACD) hovers just below the zero line, but it is about to perform a bullish crossover, while the. Relative Strength Index (RSI) at 61 indicates firm momentum
Immediate resistance is at the January 144 high of $93.90, with the 127.2% Fibionacci extension of the January 8-14 rally, at $99.25, as the next potential target. On the downside, immediate support is at the January 15 and 16 lows, at the $85.45 area, ahead of the January 7 highs and January 13 low, in the vicinity of $83.00
(The technical analysis of this story was written with the help of an AI tool.).
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.22% | -0.20% | -0.13% | -0.19% | -0.23% | -0.45% | -0.51% | |
| EUR | 0.22% | 0.02% | 0.09% | 0.03% | -0.01% | -0.24% | -0.30% | |
| GBP | 0.20% | -0.02% | 0.06% | 0.02% | -0.03% | -0.25% | -0.31% | |
| JPY | 0.13% | -0.09% | -0.06% | -0.07% | -0.11% | -0.32% | -0.39% | |
| CAD | 0.19% | -0.03% | -0.02% | 0.07% | -0.05% | -0.26% | -0.33% | |
| AUD | 0.23% | 0.01% | 0.03% | 0.11% | 0.05% | -0.22% | -0.28% | |
| NZD | 0.45% | 0.24% | 0.25% | 0.32% | 0.26% | 0.22% | -0.07% | |
| CHF | 0.51% | 0.30% | 0.31% | 0.39% | 0.33% | 0.28% | 0.07% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Author
Guillermo Alcala
FXStreet
Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.
