Gold and Silver Price Forecast: April 2026

Key Highlights

• Central banks purchased over 863 tonnes of gold in Q1 2026, with Poland leading at 20 tonnes.
• Silver is projected to face a sixth consecutive deficit of 46.3 million ounces, 15% larger than the previous year.
• Gold is currently capped at a resistance level of $4,670, limiting bullish momentum.
• Silver has broken below its ascending channel, trading at $72.66 with bearish trends.

Market Overview

In 2026, central banks remain net buyers of gold, despite some selling due to liquidity issues. Poland's significant purchase of over 20 tonnes has set the tone for the year, with other emerging markets like Uzbekistan and China also diversifying their gold holdings. The first quarter saw substantial official buying, totaling over 863 tonnes, which adds to the previous year's purchases. This trend is influenced by geopolitical tensions and energy disruptions, which are providing a boost to the gold market. However, high oil prices continue to pose a risk of near-term inflation, dampening overall market sentiment.

Silver Market Analysis

The silver market is experiencing its sixth consecutive year of deficits, with a projected shortfall of 46.3 million ounces, which is 15% larger than the previous year's deficit. Since 2021, a total of 762 million ounces of silver have been drawn down from stockpiles. New silver production is expected to decline slightly by 0.3% to around 844.1 million ounces this year. Demand for silver, primarily driven by industrial use (over 55%), is easing due to thrifting in the solar panel sector, although gains in electronics, electric vehicles (EVs), and investment in bars and coins are helping to stabilize the market.

Gold Price Analysis

Gold is currently trading at $4,566, struggling to maintain levels above this price. After failing to break the $4,670 resistance (Fibonacci 0.5 retracement), the price has retreated. The candlestick patterns indicate consistent bearish closes with long upper wicks, suggesting selling pressure at higher prices. The Relative Strength Index (RSI) is at 44, indicating a cautious outlook. Key support levels are at $4,536 (Fibonacci 0.382) and $4,370. A break below $4,536 could lead to further losses, while a rise above $4,670 could target $4,804 (Fibonacci 0.618).

Silver Price Analysis

Silver is currently priced at $72.66, having broken below its ascending channel, indicating weakness. The candlestick patterns show bearish closes and lower highs, confirming a downward trend. The RSI is at 39, suggesting a weak market condition. Resistance is noted at $73.92, while support is at $69.85. If silver drops below $72.00, it may head towards $69.85. Conversely, a rise above $74.00 could stabilize the price.