In this video: The global economy just entered a dangerous new phase. In today's My Trading Game Plan, Chief Market Strategist Gareth Soloway breaks down the sharp market selloff triggered by the President’s new tariffs on 8 European nations following the Greenland purchase dispute.
The bond market is in a state of shock, with 10-year yields spiking to 4.28% amid growing fears of a global boycott of U.S. Treasuries. With Japan’s yields also surging, the world’s most indebted nations are hitting a technical breaking point. While Bitcoin falls on fear of a global asset liquidation, Gold and Silver are spiking as the ultimate safe havens—but is Silver hitting a major "trap" level? Video by Gareth Soloway.
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In January 2026, silver has reached historic highs, recently surging above $95 per ounce. While long-term fundamentals remain bullish, technical indicators and shifting geopolitical news suggest it may be entering a temporary "trap" or "washout" phase.
Current Market Status (January 2026)
--Record Performance: Silver surged over 30% in the first two weeks of 2026, reaching a nominal all-time high of $95.89 on January 22.
--Safe-Haven Drivers: Demand is fueled by geopolitical shocks, including a U.S. naval blockade of Venezuela, tensions in the Middle East, and concerns over the Federal Reserve's independence.
--Industrial Shortage: A sixth consecutive year of structural supply deficit is expected for 2026, with inventories in London and Shanghai reaching decade lows.
Why Analysts Warn of a "Trap"
--Technical Overheating: The Relative Strength Index (RSI) on weekly charts has exceeded 84, a level historically considered a "Sell Zone" that often precedes steep corrections or "late long" liquidations.
--Resistance at Key Levels: Analysts identify $92.70–$95 as a major resistance zone. Prices recently slumped to around $91.80 after U.S. President Trump eased tariff threats related to Greenland, signaling a potential waning of safe-haven momentum.
--Mean Reversion Risk: After rising 170% in 2025, silver is considered vulnerable to profit-taking. Major banks like BMO and Metals Focus forecast a correction toward the $55–$65 range later in 2026.
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