Silver prices have surged to new global highs, fueled by robust industrial demand, persistent supply deficits, and increasing investor interest. On January 19, 2026, the precious metal reached $94.15 per troy ounce. As of early European hours on January 20, 2026, silver is trading around $93.70.
Analysts are increasingly optimistic about silver's potential, with some suggesting that the metal could reach $100 per ounce or even higher in the near future. GoldSilver's Lead Analyst Alan Hibbard anticipates silver trading above $100 in 2026, possibly reaching $175 or higher, citing deepening supply deficits and accelerating industrial demand.
Several factors contribute to this bullish outlook. The silver market is experiencing a multi-year structural deficit, with demand exceeding mine supply. This deficit is expected to continue into 2026 due to limited new mining projects and tightening global inventories. Industrial demand for silver is also on the rise, driven by the growth of the green energy sector, including solar power and electric vehicles, as well as increased use in electronics, medical applications, and AI-driven data centers.
Renewable energy infrastructure projects, particularly solar installations, require substantial silver quantities. Electric vehicle battery technology also contributes to increased silver consumption, with premium models containing significant amounts of silver in their battery management systems.
Major global banks expect silver prices to remain elevated in 2026, supported by these structural supply shortages and expanding industrial demand. Some analysts describe silver as a strategic metal, essential for the global green transition, rather than a purely cyclical commodity. Citigroup strategists project silver averaging between $60 and $72 per ounce in 2026, with potential spikes toward $100-$110 if supply tightness worsens or monetary conditions ease. Goldman Sachs is even more bullish, forecasting silver in the $85 to $100 per ounce range.
However, some analysts suggest a more moderate scenario, projecting prices in the $70-$80 range, consistent with stable demand trends and ongoing supply deficits. A bearish scenario remains possible if the U.S. dollar strengthens or investors shift their focus to high-yield assets, potentially causing silver prices to drop to the $60-$70 range.
From a technical perspective, major support levels for silver prices are in the $69 to $70 per ounce range, while resistance levels are at $82 to $84 per ounce. If bullish momentum continues, silver has the potential to break $85 or more.
The 14-day Relative Strength Index (RSI) at 72.65 indicates overbought conditions, suggesting a potential shift into consolidation. However, the nine-day Exponential Moving Average (EMA) slopes higher and stands well above the 50-day EMA, confirming an entrenched uptrend.
Overall, the outlook for silver in 2026 remains positive, driven by strong industrial demand, supply deficits, and supportive global macro conditions. While short-term volatility is possible, the long-term trajectory leans bullish.
