Gold Prices Rise 1.7%, Silver Surges 6.7%, Bullish Trend Begins to Form

Gold and silver prices are starting to show stronger signals of reinforcement, as indications emerge that the move is transitioning from a mere technical rebound to a medium-term uptrend.

Based on Trading Economics data, at the end of trading on Friday (17/4/2026), spot gold prices closed at US$ 4,833 per troy ounce, up 1.72% compared with the previous week.

Meanwhile, silver prices posted a higher increase of 6.71% week-on-week to US$ 80.75 per troy ounce.

HFX International Futures President Commissioner Sutopo Widodo believes that this rise is no longer just a short-term reflection, but is beginning to point toward the formation of a stronger trend.

“Technically, confirmation of the next direction can be monitored through the price’s position relative to the Exponential Moving Average (EMA) 50 and EMA 200 on the daily timeframe. If the price is able to hold above the base area after this surge, then the bullish structure is considered confirmed,” Sutopo said to Kontan on Sunday (19/4/2026).

From a sentiment perspective, the weakening of the US Dollar Index (DXY) as well as the easing of volatility in other safe-haven instruments are signals that market participants are gradually rebuilding long positions in the precious metals sector.

However, gold and silver still have different characteristics. Sutopo explained that gold remains the primary hedging instrument, while silver has additional appeal as an industrial commodity. \

“Silver has a dual character as an investment asset and an industrial commodity. Amid optimism about global recovery, especially if there is positive development in Iran-Amerika Serikat relations, demand for silver from the technology and green energy sectors could increase,” Sutopo said.

He added that although gold still remains the standard for stability, silver tends to offer higher return potential due to its more aggressive volatility, especially in the early phase of the economic recovery cycle.

Amid global geopolitical uncertainty, gold is still seen as a crucial hedging instrument.

Systemic risks such as high global debt and the energy transition are causing central banks to keep increasing their gold reserves, thereby supporting long-term demand.

For strategy, Sutopo advises retail investors to accumulate gradually while leaving room to buy when prices weaken.

“Current momentum is in a transition phase. If you only wait, there is a risk of missing opportunities when prices break through new levels,” Sutopo said.

Conversely, Sutopo believes that taking profits too quickly could also limit long-term gains.

Entering Q2-2026, Sutopo projects that gold prices will test the range of US$ 4,950 to US$ 5,100 per troy ounce, supported by strong physical demand and inflation slowing down more slowly than expected.

Meanwhile, silver prices are expected to move toward US$ 85 to US$ 92 per troy ounce, as the gold-to-silver ratio (gold-to-silver ratio) shrinks and confidence in the global industrial sector recovers.