Why Gold Is Surging With Silver and Why Experts Predict $7,000 Price in 2026

LONDON (April 8) "Gold is rising nearly 2% today on the wave of a Middle East ceasefire to around $4,800, and silver exceeds $77 per ounce, gaining nearly 6%," said Michal Stajniak, Analyst at XTB. "The prospect of lower oil prices and opening of the Strait of Hormuz appears to ease inflationary risk, and consequently the prospect of monetary policy tightening by central banks."

Stajniak added that the dollar's 0.8% drop against the euro further supports metals, and that calmer energy markets give hope for more stable industrial demand for silver, provided the ceasefire leads to a lasting peace deal. Iran's maximalist negotiating stance, including full control over the Strait of Hormuz and a civilian nuclear program, means the outcome is far from certain.

Marek Rogalski, Chief Market Analyst at DM BOŚ, noted that silver continues to earn its "turbo-gold" label. "Technically, the breakout of the recent peak at $76.10 confirms the upward move that started after the March 23 panic," Rogalski said. "Theoretically, the market has an open path to around $79.50-$80.00, where significant resistance can be identified."

Rogalski pointed to a broader macro catalyst: "Investors will return to precious metals when the scenario of Fed rate cuts in December or Q1 2026 starts being played more strongly. This could give arguments for dollar weakness, as other central banks will likely remain in an 'inflationary' narrative."

The key drivers behind today's rally:

• US-Iran ceasefire halts military strikes for two weeks, oil drops below $100/barrel
• Dollar weakness of 0.8% against the euro makes gold cheaper for non-dollar buyers
• Rate cut expectations rising as lower oil reduces inflation pressure on the Fed
• Industrial demand for silver stabilizing as energy market risks ease
• Petrodollar risk if growing Chinese influence in the Middle East reshapes energy trade flows

Gold Technical Analysis: XAU/USD 50 EMA Blocks at $4,850

Gold traded at $4,780 per ounce at the time of my analysis, up nearly 2%, but briefly gained approximately 4% and tested $4,857 as the intraday high. The local resistance I marked on my chart, together with the 50 EMA, blocked further gains roughly at the midpoint of the consolidation that has defined trading since January's all-time high.

The upper boundary of this range sits at $5,400, the highest session close in gold's history. The intraday ATH reached $5,600 on January 29 before the correction that followed. Support is the $4,300 zone, the lows tested in late March that previously served as the October 2025 highs. As my March 25 analysis documented, the pin bar reversal at the 200 EMA near $4,200 marked the correction low.

Applying Fibonacci extensions to the 2025 uptrend and the 2026 correction, the 100% extension falls at approximately $7,000 per ounce. From current levels, that represents a potential 50% gain.

As I wrote in my previous Goldman Sachs analysis, gold remains trapped in the lower half of the January consolidation range. A daily close above the 50 EMA at $4,850 would be the first signal that the correction phase is ending. A break below $4,300 reopens the path toward the 200 EMA.

Silver Technical Analysis: $77 Tests Upper Boundary

Silver shot up more than 5% on Wednesday, testing levels above $77 per ounce. The rally stopped at exactly the level I identified in my most recent silver analysis: the upper boundary of the consolidation between the 50 and 200 EMA, where the 50 EMA acts as resistance.

Despite the 5%+ daily gain, technically not much has changed. The key support at $70 per ounce, which my March 20 analysis confirmed has held for the third time this year, remains the floor. The 200 EMA near $63 is the deeper structural support. Main resistance sits in the $90-$94 zone, where the early March highs were recorded.

My Fibonacci extensions, stretched across last year's uptrend and the 2026 correction, project a 100% target near $155 per ounce. That would represent a 100% gain from current levels.

Gold and Silver Price Predictions for 2026

Institutional forecasts for both metals remain extraordinarily wide, reflecting the uncertainty around war, monetary policy, and physical market dynamics. As the FinanceMagnates.com comprehensive February analysis established, a Reuters poll of 30 analysts placed the median 2026 gold forecast at $4,746.50, remarkably close to where gold trades today. The same poll set silver's median at $79.50.

As the February analysis of the $7,300 gold prediction showed, JPMorgan's $6,300 target rests on approximately 800 tonnes of projected central bank gold purchases. Wells Fargo raised its range to $6,100-$6,300 in late March. For silver, Bank of America's Michael Widmer maintains his $135-$309 target based on gold-silver ratio compression.

FinanceMagnates.com