Published: 6 January 2026,05:55
Chart The Market
Silver (XAGUSD), H4:
Silver prices are exhibiting signs of a potential bullish reversal following a significant corrective phase. The metal, which gained over 100% in 2025, underwent a necessary technical consolidation, retreating approximately 9% from its all-time high of $83.94.
The most compelling recent development is the formation of a distinct “W” pattern—a classic double-bottom reversal structure—firmly established above the critical support confluence at the $69.40 level. This pattern suggests selling pressure has been exhausted at this level twice, constructing a solid base for a renewed advance.
Bullish momentum is receiving confirmation from key oscillators. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are edging higher from neutral territory. The MACD’s move, in particular, shows strengthening upward impulse as the histogram expands positively, indicating a renewal of bullish momentum aligned with the double-bottom pattern.
Resistance Levels: 81.50, 87.00
Support Levels: 74.85, 69.25
GBPJPY, H4
The GBPJPY pair has decisively broken out of its recent consolidation phase, resuming its primary uptrend with a move to its highest level in a decade. After a period of sideways trading throughout December that temporarily halted bullish momentum, the pair has gathered significant directional momentum over the past fortnight. The conclusive break above the December range-bound resistance underscores a strong and renewed bullish bias, signaling the end of the corrective pause and the initiation of a fresh bullish leg.
This structural breakout is robustly supported by momentum indicators. The Relative Strength Index has not only risen sharply but has also breached into overbought territory, reflecting the strength of the current buying impulse. Concurrently, the Moving Average Convergence Divergence indicator exhibits a pronounced bullish alignment, having completed a golden cross above the zero line and now trending higher. This confluence confirms that fresh and potent bullish momentum is driving the price action, validating the breakout.
The technical outlook for GBPJPY is unambiguously bullish following the confirmed breakout. The move suggests a continuation of the larger uptrend with scope for further extension. While the overbought RSI condition warrants monitoring for near-term exhaustion, the powerful momentum and structural breakout typically support sustained trends. The immediate bias favors buying on dips toward the new support level, with the next significant resistance likely to be found at major psychological intervals above current levels.
Resistance Levels: 212.55, 214.00
Support Levels: 211.40, 210.20
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