Silver priceis going up for the fourth consecutive session this Monday, 23February, 2026, gaining nearly 2.5% and testing an intraday high justbelow $88 per ounce, its strongest level in weeks. The trigger is acollision of events: a landmark Supreme Court ruling that stripped Trump'sbroad tariff authority, the president's defiant counter-move to impose newlevies within hours, and fresh US-Iran tensions that are keeping the riskpremium firmly elevated.Accordingto my technical analysis and over a decade of experience as an analyst andtrader, Friday's session delivered a critical chart signal and the road backtoward all-time highs is reopening. In thisarticle, I examine why silver is surging, analyze both the silver and goldcharts, and present the newest silver and gold price predictions from majorinstitutions and top analysts.Followme on X for more silver and gold market analysis: @ChmielDkSilver Price Today: $87and ClimbingSilver is currentlychanging hands at approximately $87.08 per ounce, pulling backslightly from the intraday high near $88 after a week that sawthe metal swing violently in both directions. The all-time high of $121.67per ounce was set on January 29, 2026, followed by a brutal correctiontoward $70 in early February - oneof silver's sharpest drawdowns in recent memory.Therecovery has been just as sharp. Silver gained nearly 9% last Fridayalone, and is now posting its fourth straight up session. Year-over-year,the metal is up 153% - an extraordinary run that has turnedsilver into one of the best-performing assets of the cycle.Technical Analysis: Whatthe Silver Chart ShowsAccordingto my technical analysis, Friday's explosive session was the unlock the chartneeded. As shown on my chart, silver reclaimed its 50-day EMA atapproximately $80 per ounce - a level that had been acting as firmresistance for weeks. That reclaim matters: former resistance is now convertedsupport, and the structure has shifted back in favor of the bulls.The nextkey test is $90 per ounce. A clean weekly close above that levelwould signal, in my view, that silver is ready to push back toward the $121.67all-time high. Four consecutive up sessions confirm that momentum isbuilding on the buy side.Keylevels on my chart right now:Resistance: $88 (current intraday high zone), $90 (critical breakout trigger toward ATH)Support: $80 (50 EMA, newly reclaimed), $70 (early February lows)Deeper support: $55-58 - where October structural peaks and the 200 EMA convergeThat $55-58zone looks distant from today's price. But it is exactly where structuraldemand historically re-emerges. Any deeper correction that holds this areawould represent nothing more than a healthy pullback within a larger bulltrend.Why Is Silver Going Up? TheSupreme Court Tariff ShockTheimmediate catalyst is the most significant trade policy event in years. LastFriday, the US Supreme Court issued a 6-3 ruling striking downTrump's broad tariff regime under the International Emergency Economic PowersAct (IEEPA), finding that the law was never designed to authorize sweeping,wide-ranging duties on imports.Marketsinitially read this as trade-war de-escalation - but within hours, Trumppivoted. He announced 15% global tariffs under Section 122, amechanism that allows temporary duties for up to 150 days. The pivot wiped outthe relief trade and replaced it with fresh uncertainty. In that environment,silver and gold surged."Thecombination of repeated tariff concerns and rising geopolitical tensions hasbeen the main driver behind this move," said Dilin Wu, ResearchStrategist at Pepperstone. As he added: "How these factors unfold inthe coming days will be crucial for determining whether buying momentum cansustain."A secondflashpoint is amplifying the move. Trump gave Tehran a tight deadline to reacha new nuclear deal, with White House sources confirming that US military forcesmust be in full regional position by mid-March. "Rising US-Iran tensionsare boosting safe-haven demand," Wu noted. "Short-term support liesat $5,100/$5,000 for gold, with resistance near $5,200."Gold Price Today: TechnicalAnalysisGold isnarrating a near-identical story. On Monday, the yellow metal printed anintraday high of $5,176 per ounce and is currently trading atapproximately $5,167, up $68 on the day - itshighest level since January 30. That date matters: it was the day gold droppednearly 9% in one of the sharpest single-day corrections in a decade, andtoday's price action represents a near-complete technical recovery from thatselloff.As shown onmy gold chart, breaking back above local resistance levels - includingthe psychological $5,000 floor - converts that level into newsupport and opens the path toward the $5,400-$5,600 resistance band.The $5,400zone corresponds to the January 28 highs, and I expect accumulated sell ordersto cluster there. A breakout through that zone will not come easily. Keysupport levels to watch on the downside:$5,000 - psychological floor, now converted support$4,850 - prior structural support level50 EMA at approximately $4,700$4,550 - the early February lowsThe 200 EMAcurrently sits near $3,800 - a level that illustrates just howextended this bull run remains, and how much room exists for a deep correctionbefore the primary uptrend itself is threatened. Gold has gained 74%year-over-year, according to Trading Economics.As Icovered in my analysis of Goldman Sachs'updated gold price forecast, the bank raised its 2026 target by $500 to $5,400 per ounce inJanuary, citing relentless central bank buying and structural diversificationaway from dollar assets.Gold/Silver Ratio: A15-Year LowOne of themost significant signals in the entire metals complex right now is whatthe Gold/Silver Ratio (GSR) is doing. At current prices, theratio stands at 59.34 - a 15-year low, last seenin 2011. In April 2025, the same ratio peaked near 120. Since then, silver hasdramatically and structurally outperformed gold, compressing the ratio by morethan half."Thedecline in the Gold to Silver Ratio that started in April 2025 could end byApril 2026, reaching 2011 levels around 30 if not lower," saidanalyst Rashad Hajiyev. Thearithmetic is striking: "With gold at $7,500 and a GTS at 30, one shouldexpect $250 silver." As he added on the upper scenario: "If gold goesto $8,000 and GTS declines to 20, then silver could soar even to $400 - lessrealistic for the present cycle, but not impossible."The decline in Gold to silver ratio (GTS) that started in April of 2025 could end by April 2026 reaching 2011 levels around 30 if not lower. With gold at $7.5k and GTS at 30 one should expect $250 silver price. If gold goes to $8k and GTS declines to 20 then silver could soar… pic.twitter.com/9axPlIYjKj— Rashad Hajiyev (@hajiyev_rashad) February 22, 2026The fullhistory of why this ratio move started is something I covered in depth in mypiece: Why Silver IsSurging With Gold - and Why Analyst Predicts $375 in 2026.Silver and Gold PricePredictionsThe rangeof institutional and analyst forecasts is wide - but the directional consensuspoints firmly higher."I'mvery bullish the metals," said macro strategist David Hunter."My silver target is $180 and gold $6,800 - and I think we could see thosetargets reached in the second quarter."I'm very bullish the metals. My silver target is $180 and gold $6800 and I think we could see those targets reached in the 2nd Qtr.— David Hunter (@DaveHcontrarian) February 10, 2026Bank ofAmerica's $65 silver target - published when silver was trading far lower - hasalready been blown past, illustrating how quickly consensus can be invalidatedin this market. The structural thesis, however, remains intact: fiveconsecutive annual supply deficits in silver, surging industrial demand from AIinfrastructure, solar manufacturing, and EV production, and continued centralbank diversification away from US dollar assets.FAQ, Silver Price AnalysisWhy is silver going upright now?Theimmediate trigger is the Supreme Court's 6-3 ruling invalidating Trump'sIEEPA-based tariffs, followed by Trump imposing new 15% global tariffs underSection 122, creating fresh trade policy chaos. US-Iran nuclear tensions areadding a simultaneous geopolitical risk premium. Structurally, five consecutivesupply deficits and surging industrial demand continue to underpin thelonger-term trend.How high can silver go in2026?Institutionaltargets range from Bank of America's $65 - already exceeded - to Citigroup's$150. More aggressive analysts target $180 (David Hunter) and $250-$400 (RashadHajiyev), the latter contingent on gold reaching $7,500-$8,000 and theGold/Silver Ratio compressing toward 20-30.What is the gold priceprediction for 2026?GoldmanSachs targets $5,400, a forecast raised by $500 in January 2026. JPMorgan seesQ4 peaks near $5,300. David Hunter targets $6,800, and Rashad Hajiyev's top-endmodel has gold at $7,500-$8,000 over the cycle. Gold is currently trading near$5,167, already above several earlier institutional targets.Will silver keepoutperforming gold?Based on mytechnical analysis and the current Gold/Silver Ratio trajectory - sitting at15-year lows near 59 and still compressing - silver's structural outperformanceremains in place. A weekly close above $90 per ounce on thesilver chart would, in my view, be the confirmation signal that the push backtoward all-time highs is firmly underway.This article was written by Damian Chmiel at www.financemagnates.com.