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Silver price (XAG/USD) retreats on Wednesday after reaching a daily high of $95.56 after US President Donald Trump eased his tone in his Davos speech, saying that he is ready to negotiate Greenland with Denmark. At the time of writing, XAG/USD trades at $93.57, down over 1% after reaching a record high of $95.89 on Tuesday.

XAG/USD Price Forecast: Technical outlook

Silver’s daily chart suggests the grey metal is upward biased, but the parabolic move seems to have paused as the Relative Strength Index (RSI) exited from overbought territory and shows signs of negative divergence.

Despite this, bears are not out of the woods as they must clear the $90.00 figure before challenging the latest cycle low of $86.45 reached on January 15. In that outcome, Silver could dive towards the 20-day SMA at $80.63.

On the flip side, if XAG/USD is to extend its gains, buyers need to push prices above the record high of $95.89, followed by the $100.00 milestone.

XAG/USD Price Chart – Daily

(Click on image to enlarge)

XAG/USD Daily Chart

(This story was corrected on January 21 at 17:11 to say in the first paragraph that the $95.56 price is a daily high, not an all-time high.)

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