Silver Wave Analysis – 28 January 2026

- Silver broke round resistance level 100.00

- Likely to rise to resistance level 117.85

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⚠️ Canada — Overnight Rate at 03:00 GMT

✔️ Prev: 2.25%

🕒 Exp: 2.25%

🎯 Fact.: 2.25%

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🇺🇸 US pre-market: Mostly positive 📈

In the Electronic Technology sector, NVIDIA (NVDA) shares are up +1.70%, and Broadcom (AVGO) shares are up +1.29%.

In the financial sector, Berkshire Hathaway (BRK.B) shares are down -0.40%, while Bank of America (BAC) shares are losing -0.31%.

In the Retail sector, Amazon (AMZN) shares are up +0.82%, while Walmart (WMT) shares are down -0.32%.

The predominant growth of large-cap companies reflects demand for risk — there is a sustained risk-on sentiment within the market, which is limiting the strengthening of the dollar.

⚠️ Canada — BOC Press Conference at 15:30 GMT

Gold benefits from the weak dollar

The US Dollar decline looks like a part of the White House's plan.

Gold is rising on capital inflows.

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⚠️ USA — FOMC Rate Decision at 03:00 GMT

✔️ Prev: 3.75%

🕒 Exp: 3.75%

🎯 Fact.: 3.75%

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⚠️ USA — FOMC Press Conference at 19:30 GMT

🗓 Economic Calendar at 2026/01/29 (GMT)

13:30 🇺🇸 ⚡️ Unemployment Claims — Exp: 206K Actual: 209K

13:30 🇺🇸 Continuing Claims — Exp: 1860K Actual: 1827K

13:30 🇨🇦 Trade Balance — Exp: -0.7B Actual: -2.2B


[Updated in real time]

Crypto in zugzwang

The cryptocurrency market continues to lag, unable to keep pace with the growing stock and metal markets. Suddenly, cryptocurrencies no longer appear to be an alternative to fiat money and a hedge against the not-so-responsible financial policies of major countries. The weak performance of cryptocurrencies has been accompanied by a sharp surge in interest in precious metals. As a result, cryptos temporarily appear to be a source of funds for strengthening positions in gold and silver. At the same time, they are not giving up important local support levels, both in terms of market capitalisation as a whole and individual coins – Bitcoin, Ethereum, XRP, and Solana.

On Wednesday evening, Bitcoin saw another round of sell-offs as the market attempted to break above $90K, failing yet again to return above the 50-day moving average. This curve is gradually turning downwards, further strengthening the bearish arguments. On the other hand, BTC has not yet begun an active decline after consolidation. A formal signal for the start could be a break of support near $85K. An important question is whether a sharp downturn in metals will help cryptocurrencies by restoring interest in them, or whether it will cause even more damage. We lean towards the latter due to the potential for deleveraging, which is dangerous for all risky assets in the early stages. This is a zugzwang situation, where the next move only makes the situation worse.

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Silver. What happens?

There is a possibility that the large wave [iii] on the daily chart, which started back in the spring of 2025, has already been completed.

Also, it is now completed with an ending diagonal. This suggests that a major decline may be about to begin.

Forex follows new leaders

The Australian dollar confidently leads the G10 currency race.

Thanks to geopolitics, gold may rise to $6,000.

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⚠️ USA — Unemployment Claims at 03:00 GMT

✔️ Prev: 210K

🕒 Exp: 206K

🎯 Fact.: 209K 📉

🇺🇸 US pre-market: Mostly positive 📈

In the finance sector, Berkshire Hathaway (BRK.B) shares are up +0.15%, and Bank of America (BAC) is up +0.37%.

In the technology services, Alphabet (GOOGL) shares are up +1.63%, while Palantir (PLTR) is up +1.33%.

In the Energy sector, Exxon Mobil (XOM) shares are up +1.87%, while Chevron (CVX) shares are adding +1.60%.

The strengthening of leading companies and the prevalence of growth in the pre-market are supporting risk appetite among investors. Risk-on mode dominates, which is holding back the US dollar's momentum.

SP&500 hits 7000 milestone on strong expectations

Expectations of strong corporate earnings from tech giants allowed the S&P500 to update its record high, overcoming another milestone of 7,000. Investors are turning a blind eye to the Fed's intention to keep rates on hold until at least June, as well as to geopolitics and Donald Trump's tariff threats. All of this is perceived as market noise. As long as the US economy remains strong, it should be ignored.

The consensus estimate of Wall Street experts is for earnings per share to grow by 15% in 2026 and again in 2027, up from 13% in 2025. If the forecasts come true, this will be the longest period of double-digit growth since 2008. Unsurprisingly, US stock bulls are ignoring all other factors.

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🗓 Economic Calendar at 2026/01/30 (GMT)

08:55 🇩🇪 Unemployment Change — Exp: 5K Actual: 0K

08:55 🇩🇪 Unemployment Rate — Exp: 6.3% Actual: 6.3%

09:00 🇩🇪 Gross Domestic Product — Exp: 0.2% | 0.3% Actual: 0.3% | 0.4%

10:00 🇪🇺 Gross Domestic Product — Exp: 0.2% | 1.2% Actual: 0.3% | 1.4%

13:00 🇩🇪 Consumer Price Index — Exp: 0.0% | 2.2% Actual: 0.1% | 2.1%

13:00 🇩🇪 Consumer Price Index - EU Harmonised — Exp: -0.2% | 2.0% Actual: -0.1% | 2.1%

13:30 🇺🇸 ⚡️ Producer Price Index — Exp: 0.2% | 2.7% Actual: 0.5% | 3.0%

13:30 🇺🇸 ⚡️ Core PPI — Exp: 0.2% | 2.9% Actual: 0.7% | 3.3%

13:30 🇨🇦 ⚡️ Gross Domestic Product — Exp: 0.1% | 0.7% Actual: 0.0% | 0.6%


[Updated in real time]

⚠️ USA — President Donald Trump Speaks at 21:30 GMT

MasterCard Wave Analysis – 29 January 2026

- MasterCard reversed from support area

- Likely to rise to resistance level 560.00

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