Silver Price Forecast: $93 Holds as Gold’s $5,400 Call Lifts Upside Case
Silver is hovering around $93.60 right now, having stabilised after a bit of a wild ride up that mirrors the gold price's...
Quick overview
- Silver is currently priced around $93.60, stabilizing after a recent surge influenced by gold's breakout.
- Goldman Sachs has raised its gold price forecast to $5,400 by the end of 2026, indicating strong central bank buying and a shift towards precious metals.
- Silver's technical indicators show it remains in a rising trend channel, with key support at $90.90 and resistance at $95.90.
- The outlook for silver suggests consolidation before a potential upward movement, driven by ongoing demand and investor interest in safe havens.
Silver is hovering around $93.60 right now, having stabilised after a bit of a wild ride up that mirrors the gold price’s big breakout earlier this month. While gold’s short-term momentum has started to fade, silver is still following the big picture play in the precious metals sector – where big investors are getting more interested, central banks are diversifying their holdings, and a tight supply of metals is changing the way people think about long-term prices. With gold now looking poised to break through to $5000, silver’s role as a store of value and a key industrial metal is back in the spotlight.
Gold’s Big Breakout Is Setting The Tone
You can’t really separate the silver price from the gold price – at least, not yet. Goldman Sachs this week boosted its end-of-2026 gold price forecast to $5,400 an ounce, citing sustained buying from central banks and a long-term shift of wealth away from fiat currency into precious metals. Silver tends to lag gold at the start of a metals cycle, but then it tends to catch up fast once gold’s trend is established.
That looks to be happening again right now. Gold’s big move has already reset expectations for the whole sector, and silver is now in a bit of a pullback rather than a backtracking. That suggests that there’s still a lot of strength there – especially considering that the demand for silver is still strong in both the investment and industrial markets tied to things like the energy transition.
Silver Holds Its Support Highs After Big Rally
From a technical standpoint, silver is still in good shape. On the 2-hour chart, the price is still trading within a large rising trend channel that’s been guiding it since early January. The pullback we just saw respected the lower boundary of that channel near $90.90, where the buyers came back in.
The way the candles were laid out also supports this view: the decline from $95.90 was all short and jagged, with little follow-through, suggesting that people were just taking some profits and not panicking. And the price is still above that nice rising 50-period moving average, which is still sloping upwards and acting like a bit of a safety net.
We’ve got the $95.90 level as our next big resistance point, and then the $100 level, which is just a nice round number for people to focus on. Below that, we’ve got the $90.90 level where the channel starts properly, if we get a bit of a sell-off. And then there’s deeper support near $87.65 if things get really ugly.
Momentum indicators are looking a bit better after going a bit overbought, which is all good. The Relative Strength Index has eased off, but it’s still in a pretty good spot – or at least, not too bad.
Silver Outlook: Consolidation Before The Next Leg Higher
As long as silver holds aboAs long as silver holds above its channel support, I see this as a consolidation before the next big leg up. With gold’s long-term targets rising and all the uncertainty in the world pushing investors towards safe havens, I think silver is in a pretty good spot to move once momentum picks up again.k around the $91 level, and target the $96 level. Stop if we go below $89.80.
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