Precious metals markets are drawing sharply divergent forecasts this week, with silver bulls being urged to hold off on celebration while one gold analyst sees a doubling in prices by January. According to Prof Investor, silver’s recent recovery is not enough to confirm a new uptrend. The key level remains $68 — until silver breaks and holds above that resistance, the broader bullish case is still unconfirmed.
Silver is currently trading around $63.64 after dropping 5.23% on the latest weekly candle. It hit a weekly high of $68.11 before falling back to $63.51. That rejection near resistance is one of the main reasons analysts remain cautious, even though buyers have defended the $60 support area. The correction from the early 2026 peak near $120 has formed a descending wedge pattern, which traders often view as a potential bullish reversal setup — but only if resistance is cleared.
If silver manages to close above $68, the next target would be $70.51, followed by $80, $90, and $100. Above that, traders are watching $108.85 and eventually the previous peak near $120. On the downside, below $60, the levels to watch are $56, $52, and $48, with $44 and $40 coming into play if selling pressure intensifies.
Meanwhile, trader Tim Hack has made a much more aggressive call, saying “the correction in gold and silver is over” and predicting gold could reach $10,000 by January, silver could climb to $180, and oil could double. Gold is currently trading near $4,284.97, meaning a move to $10,000 would require a gain of roughly 133% from current levels. Gold previously climbed from below $2,000 to nearly $4,800 before pulling back, and Hack believes mining stocks are about to start their strongest advance in recorded history.
However, the gold chart still shows several hurdles. Immediate resistance sits at $4,300, then $4,400 and the psychological $4,500 level. Above those, traders are watching $4,600, $4,700, and the prior high near $4,800. Momentum indicators are mixed: RSI is at 44.22, below neutral 50, while the Ultimate Oscillator is at 54.91. The broader support zone between $4,000 and $4,200 remains important for the long-term bullish structure. A move back above $4,500 would strengthen the case for a retest of $4,800, but analysts say the chart does not yet support a direct path to $10,000.
