The precious metals rally showed no sign of fatigue, with Gold surging beyond 4,000 and Silver clearing 50 in a powerful continuation of their uptrend. Neither milestone proved a deterrent, as safe-haven demand strengthened amid renewed global uncertainty. Although initial market reactions to the latest U.S.–China trade tensions were subdued, investors have steadily rotated back into metals, betting that geopolitical instability will sustain demand well into 2026.
The rally has now reached a stage where institutional forecasts are catching up to price reality. On Monday, Bank of America became the first major institution to lift its long-term targets, projecting Gold at 5,000 per ounce in 2026 and Silver at 65.
Silver remains the outperformer, up about 80% year-to-date, compared with a 55% rise in gold. However, the surge has not come without risks. Some analysts caution that as liquidity improves and industrial demand fluctuates, volatility could increase in the near term. The latest spike has also been fueled by a temporary shortage in physical supply, which is expected to ease soon.
Technically, Gold’s next immediate focus lies at 100% projection of 2,584.24 to 3,499.79 from 3,267.90 at 4,183.45. Resistance could emerge there, prompting some profit-taking on first test. Break below 3,944.57 support would signal short-term topping and consolidation. However, sustained strength above 4,183.45 would pave the way toward 161.8% projection at 4,749.25 next.
In the broader view, now that 261.8% projection of 1,160.17 to 2,074.84 from 1,614.60 at 4,009.21 is cleared, Gold could be heading towards 361.8% projection at 4.923.87, which is close to 5000 psychological level. The technical setup aligns closely with the latest upward revisions from institutional forecasts.
For Silver, near term outlook will stay bullish as long as 48.35 support holds. Next target is 161.8% projection of 28.28 to 39.49 from 36.93 at 55.06. Firm break there will target 200% projection at 59.35, which is close to 60 psychological level.
In the bigger picture, the up trend remains in acceleration phase, and could further stretch to 261.8% projection of 21.92 to 34.84 from 28.28 at 62.10 in the medium term.
