Gold price exploded
past the psychologically significant $5,000 barrier on Monday, January 26,
2026, reaching an intraday high of $5,111 per ounce and marking the sixth
consecutive session of gains.
Silver
mirrored this explosive momentum, breaking through the $100 threshold and
currently trading near $110 per ounce after establishing session highs above
$109.
The white
metal is rising much more dynamically, pushing the gold-to-silver ratio down to
the lowest point in 15 years. In this article, I analyze the XAU/USD, XAG/USD,
and XAU/XAG charts and answer the question of how high gold and silver prices
could go.
According
to my technical analysis, gold has been rising for six consecutive sessions and
has tested the highest levels in two months while simultaneously approaching
the all-time highs tested on October 20. As shown on my chart, gold is up
18% year-to-date in 2026, adding to the remarkable 65% surge recorded
throughout 2025. Moreover, this represents the sixth consecutive month of gold
price increases.
The rally
has been fueled by multiple converging factors including Federal Reserve rate
cut expectations, escalating geopolitical tensions around Greenland and Trump’s
tariff threats, dollar weakness, and massive central bank diversification away
from US Treasuries.
“Gold
emphatically broke through the psychological barrier of $5,000 per ounce,” Jakub
Bartoszek, CEO of Cashify Gold, described the breakthrough. “This is a ‘safe
haven’ in a completely new form.”
He noted
that “this record is a direct response from the world to signals from
Davos,” explaining that “investors are pricing in risks related to
Donald Trump’s announcements: both plans to establish a Peace Council, which
could shake the foundations of the UN, and the proposal to purchase
Greenland.”
Record gold
prices are making the metal the dominant asset in trading activity at a growing
number of CFD brokers. Last week, Australian broker Axi confirmed this trend
through its market analyst, Thiago Duarte, who said that “interest in gold
trading has more than doubled, firmly keeping XAU as the most traded instrument
across the platform.”
Major Bank Gold Price
Predictions
|
Institution |
Price Target |
Timeframe |
Key Drivers |
|
Goldman Sachs |
$5,400 |
December 2026 |
Central |
|
Bank of America |
$6,000 |
Spring 2026 |
300% |
|
OCBC Bank |
$5,600 |
End of 2026 |
Safe-haven |
|
JPMorgan |
$5,055 |
Q4 2026 |
Monetary policy, institutional flows |
Goldman
Sachs raised
its December 2026 gold
price target to $5,400 per ounce, up $500 from the previous
forecast of $4,900, citing continued private-sector diversification and
sustained central bank buying at approximately 60 tonnes per month. The
investment bank’s analysts assume that private investors who bought gold as a
hedge against macro policy risks will maintain these positions through
year-end.
Even more
bullish, Bank of America projects gold
could reach $6,000 per ounce by spring 2026, representing a
potential 20% increase from current all-time highs. Their analysis notes that
“the average increase in gold during four upward cycles was about 300%
over 43 months”.
Among the
28 analysts surveyed by the London Bullion Market Association, 22 expect gold
to reach highs above $5,000 in 2026, five forecast prices breaking through
$6,000, and one prediction sees gold as high as $7,000 per ounce.
Gold Price (XAU/USD) Technical
Analysis
As shown on
my chart, the previous resistance level at $4,850 has now transformed into new
support, and if the current momentum continues, the psychologically significant
$5,000 level will immediately become the new floor. Since we are in a price
discovery phase, it’s difficult to predict what comes next for gold.
Why gold price is surging today? Source: Tradingview.com
Key
support zones I’ve identified:
- Primary support: $4,360 to $4,550
(October-December peaks zone) - 50-day EMA support: Approximately $4,115 per
ounce - Critical breakdown level: $3,800 (200-day EMA)
According
to my analysis, if gold were to correct. and such a correction would certainly
be healthy, the zone between $4,360 and $4,550 per ounce is where we can expect
at least part of the accumulated buy limit orders to materialize. This support
zone is additionally reinforced by the 50-day exponential moving average, which
currently sits around $4,115 per ounce.
In reality,
gold could fall as much as 25% from current levels and, although media
headlines would certainly declare it a catastrophe, looking at the level where
the 200-day exponential moving average sits, the dividing line between uptrend
and downtrend, such a deep correction could develop. The 200 EMA currently
falls at the $3,800 level.
Ray
Youssef, founder of NoOnes, explained gold’s current appeal: “Gold is the primary beneficiary
of this market environment. With global debt expanding, yield rates
compressing, and central banks still stacking up the precious metal in their
reserves, gold’s uptrend remains structurally supported.”
For retail traders, the challenge is less about identifying the target and more about execution: sizing, drawdown tolerance, and timing entries in volatile conditions. These execution-level questions are increasingly being addressed in live environments, including trader-focused sessions at Dubai’s Trading Festival, where strategies are dissected beyond headline price targets
Silver Price Surges to
$110: Industrial Demand Drives Historic Rally
Silver has
dramatically outpaced gold’s already-impressive performance, currently trading
near $107.50-$110 per ounce after testing resistance above $109. According to
my technical analysis, silver has gained 53% year-to-date in 2026,
following a 50% surge in 2025, marking the ninth consecutive month of increases
for this precious metal.
Why silver price is surging today? Source: Tradingview.com
For
context, when this rally started in May 2025, silver was trading at just $33
per ounce, meaning prices have more than tripled in less than nine months.
“Silver
breaking through the $100 barrier is not an ordinary price correction, but the
result of a global ‘short squeeze’ on physical metal,” added Bartoszek.
He emphasized that “today, silver is becoming for the AI era what oil was
for the combustion era, essential and irreplaceable fuel.” Bartoszek noted
the “drastic drainage of LBMA and COMEX vaults” and concluded that
“this is a market breakthrough that has overtaken forecasts by entire
years.”
How High Can Silver Go?
Industrial
demand remains the primary structural support for silver prices, with
consumption reaching 680 million ounces in 2024, accounting for approximately
60% of total global silver demand. Looking ahead, energy transition projects
are forecast to drive substantial consumption:
- Solar PV capacity: Expected to reach 665 GW
in 2026, supporting 120-125 million ounces of demand - Electric vehicle production: Forecast at 14-15 million
units, adding 70-75 million ounces - Grid infrastructure and data
centers: Contributing
an additional 15-20 million ounces
According
to my technical analysis of the daily chart, after very strong strengthening at
the end of last week of over 7%, on Monday silver prices rose by another 6%,
establishing intraday highs at nearly $110 per ounce.
As I
observe on my chart, the situation closely resembles what we see on gold, with
an important support zone formed by the highs from the turn of this year and
last year, between the $70-81 per ounce range, extending through $74 per ounce
where the 50 EMA falls.
The
psychological $100 level was conquered last Friday with prices closing above
it, so it should now provide a floor for further increases. Meanwhile, the 200
EMA still requires several dozen percent gains, as this average is only around
$52 per ounce, a level we last paid for silver at the end of November, which
already seemed very high at the time, yet current prices have more than
doubled.
Some
analysts are currently targeting $200, or even
$375 per ounce.
Please also check the previous gold and silver price articles written by me:
Gold-Silver Ratio Hits
15-Year Lows
The pace of
silver’s strengthening has decisively outpaced gold, which is particularly
evident in the popular gold-silver ratio chart. According to my analysis, this
ratio reached its peak in April of last year and has been declining very
dynamically since then.
Gold to silver ratio chart. Source: Tradingview.com
Just six
months ago, one ounce of gold could purchase approximately 120 ounces of
silver, whereas today we can buy only 46 ounces of silver per
ounce of gold, the lowest value since 2011, or 15 years. The
dynamics of the decline in recent months is perfectly illustrated by the
monthly chart.
Current
Gold-Silver Ratio Metrics:
- Current
ratio: 46:1 (15-year low) - April
2025 peak: 120:1 - Historical
low (March 2011): 32:1 - Decline
timeframe: 9 months of compression
The
gold-silver ratio has compressed sharply from above 100:1 in April 2025 to
approximately 48.3:1 currently. If this momentum continues, we could soon test
the level of just 32 ounces, last observed in March 2011.
Kathleen
Brooks, Research Director at XTB, posed a provocative question: “Is gold the ultimate anti-Trump
trade?” She noted that “the dollar is the weakest currency in the G10
FX space so far this year” while “the gold price has rallied more
than 17%, and is now above $5,000 per ounce.” Brooks concluded that
“if the US’s radical policy positions are feeding demand for gold, then
the yellow metal could become the ultimate anti-Trump trade.”
For real-time gold and silver analysis follow me on X (Twitter) @ChmielDk. I provide technical breakdowns, Fibonacci projections, institutional forecasts, and trading insights on precious metals and crypto markets.
FAQ: Gold and Silver Price
Why is gold going up
today?
Gold is
rising due to multiple converging factors including Federal Reserve rate cut
expectations (150 basis points projected for 2026), geopolitical tensions
around Trump’s tariff threats and Greenland proposals, dollar weakness, and
sustained central bank buying that has pushed foreign US Treasury holdings to
2013 lows.
How high can gold go in
2026?
Major banks
forecast gold reaching $5,400 to $6,000 per ounce by late 2026, with Goldman
Sachs targeting $5,400, Bank of America projecting $6,000 by spring, and OCBC
Bank forecasting $5,600 by year-end. Some analysts even see potential for
$7,000 in extended scenarios.
Why is silver surging
faster than gold?
Silver is
surging due to industrial demand from AI infrastructure, solar panels (120-125
million ounces), electric vehicles (70-75 million ounces), and supply
constraints since 70% of silver is produced as a by-product of other mining.
This has created a “short squeeze” on physical metal as LBMA and
COMEX inventories drain.
Should I buy gold or
silver now?
This
depends on your investment objectives and risk tolerance. Gold provides
safe-haven protection and central bank demand support, while silver offers
higher volatility with industrial demand drivers. According to my technical
analysis, both metals have key support levels (gold at $4,360-$4,550, silver at
$70-81) that could provide entry points on corrections.
Will gold continue rising
in 2026?
Institutional
forecasts suggest continued upside, with Goldman Sachs projecting 60 tonnes per
month of central bank buying and private investors maintaining hedge positions
through year-end. Key risks include Fed policy changes, geopolitical
resolution, or dollar strength that could temporarily pause the rally.
Gold price exploded
past the psychologically significant $5,000 barrier on Monday, January 26,
2026, reaching an intraday high of $5,111 per ounce and marking the sixth
consecutive session of gains.
Silver
mirrored this explosive momentum, breaking through the $100 threshold and
currently trading near $110 per ounce after establishing session highs above
$109.
The white
metal is rising much more dynamically, pushing the gold-to-silver ratio down to
the lowest point in 15 years. In this article, I analyze the XAU/USD, XAG/USD,
and XAU/XAG charts and answer the question of how high gold and silver prices
could go.
According
to my technical analysis, gold has been rising for six consecutive sessions and
has tested the highest levels in two months while simultaneously approaching
the all-time highs tested on October 20. As shown on my chart, gold is up
18% year-to-date in 2026, adding to the remarkable 65% surge recorded
throughout 2025. Moreover, this represents the sixth consecutive month of gold
price increases.
The rally
has been fueled by multiple converging factors including Federal Reserve rate
cut expectations, escalating geopolitical tensions around Greenland and Trump’s
tariff threats, dollar weakness, and massive central bank diversification away
from US Treasuries.
“Gold
emphatically broke through the psychological barrier of $5,000 per ounce,” Jakub
Bartoszek, CEO of Cashify Gold, described the breakthrough. “This is a ‘safe
haven’ in a completely new form.”
He noted
that “this record is a direct response from the world to signals from
Davos,” explaining that “investors are pricing in risks related to
Donald Trump’s announcements: both plans to establish a Peace Council, which
could shake the foundations of the UN, and the proposal to purchase
Greenland.”
Record gold
prices are making the metal the dominant asset in trading activity at a growing
number of CFD brokers. Last week, Australian broker Axi confirmed this trend
through its market analyst, Thiago Duarte, who said that “interest in gold
trading has more than doubled, firmly keeping XAU as the most traded instrument
across the platform.”
Major Bank Gold Price
Predictions
|
Institution |
Price Target |
Timeframe |
Key Drivers |
|
Goldman Sachs |
$5,400 |
December 2026 |
Central |
|
Bank of America |
$6,000 |
Spring 2026 |
300% |
|
OCBC Bank |
$5,600 |
End of 2026 |
Safe-haven |
|
JPMorgan |
$5,055 |
Q4 2026 |
Monetary policy, institutional flows |
Goldman
Sachs raised
its December 2026 gold
price target to $5,400 per ounce, up $500 from the previous
forecast of $4,900, citing continued private-sector diversification and
sustained central bank buying at approximately 60 tonnes per month. The
investment bank’s analysts assume that private investors who bought gold as a
hedge against macro policy risks will maintain these positions through
year-end.
Even more
bullish, Bank of America projects gold
could reach $6,000 per ounce by spring 2026, representing a
potential 20% increase from current all-time highs. Their analysis notes that
“the average increase in gold during four upward cycles was about 300%
over 43 months”.
Among the
28 analysts surveyed by the London Bullion Market Association, 22 expect gold
to reach highs above $5,000 in 2026, five forecast prices breaking through
$6,000, and one prediction sees gold as high as $7,000 per ounce.
Gold Price (XAU/USD) Technical
Analysis
As shown on
my chart, the previous resistance level at $4,850 has now transformed into new
support, and if the current momentum continues, the psychologically significant
$5,000 level will immediately become the new floor. Since we are in a price
discovery phase, it’s difficult to predict what comes next for gold.
Why gold price is surging today? Source: Tradingview.com
Key
support zones I’ve identified:
- Primary support: $4,360 to $4,550
(October-December peaks zone) - 50-day EMA support: Approximately $4,115 per
ounce - Critical breakdown level: $3,800 (200-day EMA)
According
to my analysis, if gold were to correct. and such a correction would certainly
be healthy, the zone between $4,360 and $4,550 per ounce is where we can expect
at least part of the accumulated buy limit orders to materialize. This support
zone is additionally reinforced by the 50-day exponential moving average, which
currently sits around $4,115 per ounce.
In reality,
gold could fall as much as 25% from current levels and, although media
headlines would certainly declare it a catastrophe, looking at the level where
the 200-day exponential moving average sits, the dividing line between uptrend
and downtrend, such a deep correction could develop. The 200 EMA currently
falls at the $3,800 level.
Ray
Youssef, founder of NoOnes, explained gold’s current appeal: “Gold is the primary beneficiary
of this market environment. With global debt expanding, yield rates
compressing, and central banks still stacking up the precious metal in their
reserves, gold’s uptrend remains structurally supported.”
For retail traders, the challenge is less about identifying the target and more about execution: sizing, drawdown tolerance, and timing entries in volatile conditions. These execution-level questions are increasingly being addressed in live environments, including trader-focused sessions at Dubai’s Trading Festival, where strategies are dissected beyond headline price targets
Silver Price Surges to
$110: Industrial Demand Drives Historic Rally
Silver has
dramatically outpaced gold’s already-impressive performance, currently trading
near $107.50-$110 per ounce after testing resistance above $109. According to
my technical analysis, silver has gained 53% year-to-date in 2026,
following a 50% surge in 2025, marking the ninth consecutive month of increases
for this precious metal.
Why silver price is surging today? Source: Tradingview.com
For
context, when this rally started in May 2025, silver was trading at just $33
per ounce, meaning prices have more than tripled in less than nine months.
“Silver
breaking through the $100 barrier is not an ordinary price correction, but the
result of a global ‘short squeeze’ on physical metal,” added Bartoszek.
He emphasized that “today, silver is becoming for the AI era what oil was
for the combustion era, essential and irreplaceable fuel.” Bartoszek noted
the “drastic drainage of LBMA and COMEX vaults” and concluded that
“this is a market breakthrough that has overtaken forecasts by entire
years.”
How High Can Silver Go?
Industrial
demand remains the primary structural support for silver prices, with
consumption reaching 680 million ounces in 2024, accounting for approximately
60% of total global silver demand. Looking ahead, energy transition projects
are forecast to drive substantial consumption:
- Solar PV capacity: Expected to reach 665 GW
in 2026, supporting 120-125 million ounces of demand - Electric vehicle production: Forecast at 14-15 million
units, adding 70-75 million ounces - Grid infrastructure and data
centers: Contributing
an additional 15-20 million ounces
According
to my technical analysis of the daily chart, after very strong strengthening at
the end of last week of over 7%, on Monday silver prices rose by another 6%,
establishing intraday highs at nearly $110 per ounce.
As I
observe on my chart, the situation closely resembles what we see on gold, with
an important support zone formed by the highs from the turn of this year and
last year, between the $70-81 per ounce range, extending through $74 per ounce
where the 50 EMA falls.
The
psychological $100 level was conquered last Friday with prices closing above
it, so it should now provide a floor for further increases. Meanwhile, the 200
EMA still requires several dozen percent gains, as this average is only around
$52 per ounce, a level we last paid for silver at the end of November, which
already seemed very high at the time, yet current prices have more than
doubled.
Some
analysts are currently targeting $200, or even
$375 per ounce.
Please also check the previous gold and silver price articles written by me:
Gold-Silver Ratio Hits
15-Year Lows
The pace of
silver’s strengthening has decisively outpaced gold, which is particularly
evident in the popular gold-silver ratio chart. According to my analysis, this
ratio reached its peak in April of last year and has been declining very
dynamically since then.
Gold to silver ratio chart. Source: Tradingview.com
Just six
months ago, one ounce of gold could purchase approximately 120 ounces of
silver, whereas today we can buy only 46 ounces of silver per
ounce of gold, the lowest value since 2011, or 15 years. The
dynamics of the decline in recent months is perfectly illustrated by the
monthly chart.
Current
Gold-Silver Ratio Metrics:
- Current
ratio: 46:1 (15-year low) - April
2025 peak: 120:1 - Historical
low (March 2011): 32:1 - Decline
timeframe: 9 months of compression
The
gold-silver ratio has compressed sharply from above 100:1 in April 2025 to
approximately 48.3:1 currently. If this momentum continues, we could soon test
the level of just 32 ounces, last observed in March 2011.
Kathleen
Brooks, Research Director at XTB, posed a provocative question: “Is gold the ultimate anti-Trump
trade?” She noted that “the dollar is the weakest currency in the G10
FX space so far this year” while “the gold price has rallied more
than 17%, and is now above $5,000 per ounce.” Brooks concluded that
“if the US’s radical policy positions are feeding demand for gold, then
the yellow metal could become the ultimate anti-Trump trade.”
For real-time gold and silver analysis follow me on X (Twitter) @ChmielDk. I provide technical breakdowns, Fibonacci projections, institutional forecasts, and trading insights on precious metals and crypto markets.
FAQ: Gold and Silver Price
Why is gold going up
today?
Gold is
rising due to multiple converging factors including Federal Reserve rate cut
expectations (150 basis points projected for 2026), geopolitical tensions
around Trump’s tariff threats and Greenland proposals, dollar weakness, and
sustained central bank buying that has pushed foreign US Treasury holdings to
2013 lows.
How high can gold go in
2026?
Major banks
forecast gold reaching $5,400 to $6,000 per ounce by late 2026, with Goldman
Sachs targeting $5,400, Bank of America projecting $6,000 by spring, and OCBC
Bank forecasting $5,600 by year-end. Some analysts even see potential for
$7,000 in extended scenarios.
Why is silver surging
faster than gold?
Silver is
surging due to industrial demand from AI infrastructure, solar panels (120-125
million ounces), electric vehicles (70-75 million ounces), and supply
constraints since 70% of silver is produced as a by-product of other mining.
This has created a “short squeeze” on physical metal as LBMA and
COMEX inventories drain.
Should I buy gold or
silver now?
This
depends on your investment objectives and risk tolerance. Gold provides
safe-haven protection and central bank demand support, while silver offers
higher volatility with industrial demand drivers. According to my technical
analysis, both metals have key support levels (gold at $4,360-$4,550, silver at
$70-81) that could provide entry points on corrections.
Will gold continue rising
in 2026?
Institutional
forecasts suggest continued upside, with Goldman Sachs projecting 60 tonnes per
month of central bank buying and private investors maintaining hedge positions
through year-end. Key risks include Fed policy changes, geopolitical
resolution, or dollar strength that could temporarily pause the rally.
