Silver price
is going up for the fourth consecutive session this Monday, 23
February, 2026, gaining nearly 2.5% and testing an intraday high just
below $88 per ounce, its strongest level in weeks. The trigger is a
collision of events: a landmark Supreme Court ruling that stripped Trump’s
broad tariff authority, the president’s defiant counter-move to impose new
levies within hours, and fresh US-Iran tensions that are keeping the risk
premium firmly elevated.
According
to my technical analysis and over a decade of experience as an analyst and
trader, Friday’s session delivered a critical chart signal and the road back
toward all-time highs is reopening.
In this
article, I examine why silver is surging, analyze both the silver and gold
charts, and present the newest silver and gold price predictions from major
institutions and top analysts.
Follow
me on X for more silver and gold market analysis: @ChmielDk
Silver is currently
changing hands at approximately $87.08 per ounce, pulling back
slightly from the intraday high near $88 after a week that saw
the metal swing violently in both directions. The all-time high of $121.67
per ounce was set on January 29, 2026, followed by a brutal correction
toward $70 in early February – one
of silver’s sharpest drawdowns in recent memory.
The
recovery has been just as sharp. Silver gained nearly 9% last Friday
alone, and is now posting its fourth straight up session. Year-over-year,
the metal is up 153% – an extraordinary run that has turned
silver into one of the best-performing assets of the cycle.
Technical Analysis: What
the Silver Chart Shows
According
to my technical analysis, Friday’s explosive session was the unlock the chart
needed. As shown on my chart, silver reclaimed its 50-day EMA at
approximately $80 per ounce – a level that had been acting as firm
resistance for weeks. That reclaim matters: former resistance is now converted
support, and the structure has shifted back in favor of the bulls.
The next
key test is $90 per ounce. A clean weekly close above that level
would signal, in my view, that silver is ready to push back toward the $121.67
all-time high. Four consecutive up sessions confirm that momentum is
building on the buy side.
Why silver price is surging? Tradingview.com
Key
levels on my chart right now:
- Resistance: $88 (current intraday
high zone), $90 (critical breakout trigger toward ATH) - Support: $80 (50 EMA, newly
reclaimed), $70 (early February lows) - Deeper support: $55-58 – where October
structural peaks and the 200 EMA converge
That $55-58
zone looks distant from today’s price. But it is exactly where structural
demand historically re-emerges. Any deeper correction that holds this area
would represent nothing more than a healthy pullback within a larger bull
trend.
Why Is Silver Going Up? The
Supreme Court Tariff Shock
The
immediate catalyst is the most significant trade policy event in years. Last
Friday, the US Supreme Court issued a 6-3 ruling striking down
Trump’s broad tariff regime under the International Emergency Economic Powers
Act (IEEPA), finding that the law was never designed to authorize sweeping,
wide-ranging duties on imports.
Markets
initially read this as trade-war de-escalation – but within hours, Trump
pivoted. He announced 15% global tariffs under Section 122, a
mechanism that allows temporary duties for up to 150 days. The pivot wiped out
the relief trade and replaced it with fresh uncertainty. In that environment,
silver and gold surged.
“The
combination of repeated tariff concerns and rising geopolitical tensions has
been the main driver behind this move,” said Dilin Wu, Research
Strategist at Pepperstone. As he added: “How these factors unfold in
the coming days will be crucial for determining whether buying momentum can
sustain.”
A second
flashpoint is amplifying the move. Trump gave Tehran a tight deadline to reach
a new nuclear deal, with White House sources confirming that US military forces
must be in full regional position by mid-March. “Rising US-Iran tensions
are boosting safe-haven demand,” Wu noted. “Short-term support lies
at $5,100/$5,000 for gold, with resistance near $5,200.”
Gold Price Today: Technical
Analysis
Gold is
narrating a near-identical story. On Monday, the yellow metal printed an
intraday high of $5,176 per ounce and is currently trading at
approximately $5,167, up $68 on the day – its
highest level since January 30. That date matters: it was the day gold dropped
nearly 9% in one of the sharpest single-day corrections in a decade, and
today’s price action represents a near-complete technical recovery from that
selloff.
Why gold is surging today. Source: Tradingview.com
As shown on
my gold chart, breaking back above local resistance levels – including
the psychological $5,000 floor – converts that level into new
support and opens the path toward the $5,400-$5,600 resistance band.
The $5,400
zone corresponds to the January 28 highs, and I expect accumulated sell orders
to cluster there. A breakout through that zone will not come easily. Key
support levels to watch on the downside:
- $5,000 –
psychological floor, now converted support - $4,850 –
prior structural support level - 50
EMA at approximately $4,700 - $4,550 –
the early February lows
The 200 EMA
currently sits near $3,800 – a level that illustrates just how
extended this bull run remains, and how much room exists for a deep correction
before the primary uptrend itself is threatened. Gold has gained 74%
year-over-year, according to Trading Economics.
As I
covered in my analysis of Goldman Sachs’
updated gold price forecast, the bank raised its 2026 target by $500 to $5,400 per ounce in
January, citing relentless central bank buying and structural diversification
away from dollar assets.
Gold/Silver Ratio: A
15-Year Low
One of the
most significant signals in the entire metals complex right now is what
the Gold/Silver Ratio (GSR) is doing. At current prices, the
ratio stands at 59.34 – a 15-year low, last seen
in 2011. In April 2025, the same ratio peaked near 120. Since then, silver has
dramatically and structurally outperformed gold, compressing the ratio by more
than half.
“The
decline in the Gold to Silver Ratio that started in April 2025 could end by
April 2026, reaching 2011 levels around 30 if not lower,” said
analyst Rashad Hajiyev.
The
arithmetic is striking: “With gold at $7,500 and a GTS at 30, one should
expect $250 silver.” As he added on the upper scenario: “If gold goes
to $8,000 and GTS declines to 20, then silver could soar even to $400 – less
realistic for the present cycle, but not impossible.”
The decline in Gold to silver ratio (GTS) that started in April of 2025 could end by April 2026 reaching 2011 levels around 30 if not lower. With gold at $7.5k and GTS at 30 one should expect $250 silver price. If gold goes to $8k and GTS declines to 20 then silver could soar… pic.twitter.com/9axPlIYjKj
— Rashad Hajiyev (@hajiyev_rashad) February 22, 2026
The full
history of why this ratio move started is something I covered in depth in my
piece: Why Silver Is
Surging With Gold – and Why Analyst Predicts $375 in 2026.
Silver and Gold Price
Predictions
The range
of institutional and analyst forecasts is wide – but the directional consensus
points firmly higher.
|
Analyst / Institution |
Silver Target |
Gold Target |
Timeframe |
|
David Hunter |
$180 |
$6,800 |
Q2 2026 |
|
Rashad Hajiyev |
$250-$400 |
$7,500-$8,000 |
2026 cycle |
|
Goldman Sachs |
$85-$100 |
$5,400 |
Year-end 2026 |
|
JPMorgan |
– |
$5,300 peak |
Q4 2026 |
|
Bank of America |
$65 |
$5,000 |
2026 |
|
Citigroup |
$150 |
– |
2026 |
“I’m
very bullish the metals,” said macro strategist David Hunter.
“My silver target is $180 and gold $6,800 – and I think we could see those
targets reached in the second quarter.”
I’m very bullish the metals. My silver target is $180 and gold $6800 and I think we could see those targets reached in the 2nd Qtr.
— David Hunter (@DaveHcontrarian) February 10, 2026
Bank of
America’s $65 silver target – published when silver was trading far lower – has
already been blown past, illustrating how quickly consensus can be invalidated
in this market. The structural thesis, however, remains intact: five
consecutive annual supply deficits in silver, surging industrial demand from AI
infrastructure, solar manufacturing, and EV production, and continued central
bank diversification away from US dollar assets.
FAQ, Silver Price Analysis
Why is silver going up
right now?
The
immediate trigger is the Supreme Court’s 6-3 ruling invalidating Trump’s
IEEPA-based tariffs, followed by Trump imposing new 15% global tariffs under
Section 122, creating fresh trade policy chaos. US-Iran nuclear tensions are
adding a simultaneous geopolitical risk premium. Structurally, five consecutive
supply deficits and surging industrial demand continue to underpin the
longer-term trend.
How high can silver go in
2026?
Institutional
targets range from Bank of America’s $65 – already exceeded – to Citigroup’s
$150. More aggressive analysts target $180 (David Hunter) and $250-$400 (Rashad
Hajiyev), the latter contingent on gold reaching $7,500-$8,000 and the
Gold/Silver Ratio compressing toward 20-30.
What is the gold price
prediction for 2026?
Goldman
Sachs targets $5,400, a forecast raised by $500 in January 2026. JPMorgan sees
Q4 peaks near $5,300. David Hunter targets $6,800, and Rashad Hajiyev’s top-end
model has gold at $7,500-$8,000 over the cycle. Gold is currently trading near
$5,167, already above several earlier institutional targets.
Will silver keep
outperforming gold?
Based on my
technical analysis and the current Gold/Silver Ratio trajectory – sitting at
15-year lows near 59 and still compressing – silver’s structural outperformance
remains in place. A weekly close above $90 per ounce on the
silver chart would, in my view, be the confirmation signal that the push back
toward all-time highs is firmly underway.
Silver price
is going up for the fourth consecutive session this Monday, 23
February, 2026, gaining nearly 2.5% and testing an intraday high just
below $88 per ounce, its strongest level in weeks. The trigger is a
collision of events: a landmark Supreme Court ruling that stripped Trump’s
broad tariff authority, the president’s defiant counter-move to impose new
levies within hours, and fresh US-Iran tensions that are keeping the risk
premium firmly elevated.
According
to my technical analysis and over a decade of experience as an analyst and
trader, Friday’s session delivered a critical chart signal and the road back
toward all-time highs is reopening.
In this
article, I examine why silver is surging, analyze both the silver and gold
charts, and present the newest silver and gold price predictions from major
institutions and top analysts.
Follow
me on X for more silver and gold market analysis: @ChmielDk
Silver is currently
changing hands at approximately $87.08 per ounce, pulling back
slightly from the intraday high near $88 after a week that saw
the metal swing violently in both directions. The all-time high of $121.67
per ounce was set on January 29, 2026, followed by a brutal correction
toward $70 in early February – one
of silver’s sharpest drawdowns in recent memory.
The
recovery has been just as sharp. Silver gained nearly 9% last Friday
alone, and is now posting its fourth straight up session. Year-over-year,
the metal is up 153% – an extraordinary run that has turned
silver into one of the best-performing assets of the cycle.
Technical Analysis: What
the Silver Chart Shows
According
to my technical analysis, Friday’s explosive session was the unlock the chart
needed. As shown on my chart, silver reclaimed its 50-day EMA at
approximately $80 per ounce – a level that had been acting as firm
resistance for weeks. That reclaim matters: former resistance is now converted
support, and the structure has shifted back in favor of the bulls.
The next
key test is $90 per ounce. A clean weekly close above that level
would signal, in my view, that silver is ready to push back toward the $121.67
all-time high. Four consecutive up sessions confirm that momentum is
building on the buy side.
Why silver price is surging? Tradingview.com
Key
levels on my chart right now:
- Resistance: $88 (current intraday
high zone), $90 (critical breakout trigger toward ATH) - Support: $80 (50 EMA, newly
reclaimed), $70 (early February lows) - Deeper support: $55-58 – where October
structural peaks and the 200 EMA converge
That $55-58
zone looks distant from today’s price. But it is exactly where structural
demand historically re-emerges. Any deeper correction that holds this area
would represent nothing more than a healthy pullback within a larger bull
trend.
Why Is Silver Going Up? The
Supreme Court Tariff Shock
The
immediate catalyst is the most significant trade policy event in years. Last
Friday, the US Supreme Court issued a 6-3 ruling striking down
Trump’s broad tariff regime under the International Emergency Economic Powers
Act (IEEPA), finding that the law was never designed to authorize sweeping,
wide-ranging duties on imports.
Markets
initially read this as trade-war de-escalation – but within hours, Trump
pivoted. He announced 15% global tariffs under Section 122, a
mechanism that allows temporary duties for up to 150 days. The pivot wiped out
the relief trade and replaced it with fresh uncertainty. In that environment,
silver and gold surged.
“The
combination of repeated tariff concerns and rising geopolitical tensions has
been the main driver behind this move,” said Dilin Wu, Research
Strategist at Pepperstone. As he added: “How these factors unfold in
the coming days will be crucial for determining whether buying momentum can
sustain.”
A second
flashpoint is amplifying the move. Trump gave Tehran a tight deadline to reach
a new nuclear deal, with White House sources confirming that US military forces
must be in full regional position by mid-March. “Rising US-Iran tensions
are boosting safe-haven demand,” Wu noted. “Short-term support lies
at $5,100/$5,000 for gold, with resistance near $5,200.”
Gold Price Today: Technical
Analysis
Gold is
narrating a near-identical story. On Monday, the yellow metal printed an
intraday high of $5,176 per ounce and is currently trading at
approximately $5,167, up $68 on the day – its
highest level since January 30. That date matters: it was the day gold dropped
nearly 9% in one of the sharpest single-day corrections in a decade, and
today’s price action represents a near-complete technical recovery from that
selloff.
Why gold is surging today. Source: Tradingview.com
As shown on
my gold chart, breaking back above local resistance levels – including
the psychological $5,000 floor – converts that level into new
support and opens the path toward the $5,400-$5,600 resistance band.
The $5,400
zone corresponds to the January 28 highs, and I expect accumulated sell orders
to cluster there. A breakout through that zone will not come easily. Key
support levels to watch on the downside:
- $5,000 –
psychological floor, now converted support - $4,850 –
prior structural support level - 50
EMA at approximately $4,700 - $4,550 –
the early February lows
The 200 EMA
currently sits near $3,800 – a level that illustrates just how
extended this bull run remains, and how much room exists for a deep correction
before the primary uptrend itself is threatened. Gold has gained 74%
year-over-year, according to Trading Economics.
As I
covered in my analysis of Goldman Sachs’
updated gold price forecast, the bank raised its 2026 target by $500 to $5,400 per ounce in
January, citing relentless central bank buying and structural diversification
away from dollar assets.
Gold/Silver Ratio: A
15-Year Low
One of the
most significant signals in the entire metals complex right now is what
the Gold/Silver Ratio (GSR) is doing. At current prices, the
ratio stands at 59.34 – a 15-year low, last seen
in 2011. In April 2025, the same ratio peaked near 120. Since then, silver has
dramatically and structurally outperformed gold, compressing the ratio by more
than half.
“The
decline in the Gold to Silver Ratio that started in April 2025 could end by
April 2026, reaching 2011 levels around 30 if not lower,” said
analyst Rashad Hajiyev.
The
arithmetic is striking: “With gold at $7,500 and a GTS at 30, one should
expect $250 silver.” As he added on the upper scenario: “If gold goes
to $8,000 and GTS declines to 20, then silver could soar even to $400 – less
realistic for the present cycle, but not impossible.”
The decline in Gold to silver ratio (GTS) that started in April of 2025 could end by April 2026 reaching 2011 levels around 30 if not lower. With gold at $7.5k and GTS at 30 one should expect $250 silver price. If gold goes to $8k and GTS declines to 20 then silver could soar… pic.twitter.com/9axPlIYjKj
— Rashad Hajiyev (@hajiyev_rashad) February 22, 2026
The full
history of why this ratio move started is something I covered in depth in my
piece: Why Silver Is
Surging With Gold – and Why Analyst Predicts $375 in 2026.
Silver and Gold Price
Predictions
The range
of institutional and analyst forecasts is wide – but the directional consensus
points firmly higher.
|
Analyst / Institution |
Silver Target |
Gold Target |
Timeframe |
|
David Hunter |
$180 |
$6,800 |
Q2 2026 |
|
Rashad Hajiyev |
$250-$400 |
$7,500-$8,000 |
2026 cycle |
|
Goldman Sachs |
$85-$100 |
$5,400 |
Year-end 2026 |
|
JPMorgan |
– |
$5,300 peak |
Q4 2026 |
|
Bank of America |
$65 |
$5,000 |
2026 |
|
Citigroup |
$150 |
– |
2026 |
“I’m
very bullish the metals,” said macro strategist David Hunter.
“My silver target is $180 and gold $6,800 – and I think we could see those
targets reached in the second quarter.”
I’m very bullish the metals. My silver target is $180 and gold $6800 and I think we could see those targets reached in the 2nd Qtr.
— David Hunter (@DaveHcontrarian) February 10, 2026
Bank of
America’s $65 silver target – published when silver was trading far lower – has
already been blown past, illustrating how quickly consensus can be invalidated
in this market. The structural thesis, however, remains intact: five
consecutive annual supply deficits in silver, surging industrial demand from AI
infrastructure, solar manufacturing, and EV production, and continued central
bank diversification away from US dollar assets.
FAQ, Silver Price Analysis
Why is silver going up
right now?
The
immediate trigger is the Supreme Court’s 6-3 ruling invalidating Trump’s
IEEPA-based tariffs, followed by Trump imposing new 15% global tariffs under
Section 122, creating fresh trade policy chaos. US-Iran nuclear tensions are
adding a simultaneous geopolitical risk premium. Structurally, five consecutive
supply deficits and surging industrial demand continue to underpin the
longer-term trend.
How high can silver go in
2026?
Institutional
targets range from Bank of America’s $65 – already exceeded – to Citigroup’s
$150. More aggressive analysts target $180 (David Hunter) and $250-$400 (Rashad
Hajiyev), the latter contingent on gold reaching $7,500-$8,000 and the
Gold/Silver Ratio compressing toward 20-30.
What is the gold price
prediction for 2026?
Goldman
Sachs targets $5,400, a forecast raised by $500 in January 2026. JPMorgan sees
Q4 peaks near $5,300. David Hunter targets $6,800, and Rashad Hajiyev’s top-end
model has gold at $7,500-$8,000 over the cycle. Gold is currently trading near
$5,167, already above several earlier institutional targets.
Will silver keep
outperforming gold?
Based on my
technical analysis and the current Gold/Silver Ratio trajectory – sitting at
15-year lows near 59 and still compressing – silver’s structural outperformance
remains in place. A weekly close above $90 per ounce on the
silver chart would, in my view, be the confirmation signal that the push back
toward all-time highs is firmly underway.
