Financial Markets 2026: Looking for Signs of a Major Shift — White Gold and Other Assets Prepare to Make History

After the intense volatility in 2025, the global markets are entering a new year full of opportunities and challenges. Assets ranging from precious metals, currencies, cryptocurrencies to energy all have their own trajectories in the upcoming 2026. Here are the signals and analyses that investors should monitor closely.

Cryptocurrency Market: Bitcoin and Ethereum Continue to Attract Attention

Bitcoin (BTC) In the final quarter of 2025, Bitcoin experienced an impressive run, reaching an all-time high. As of January 15, 2026, BTC is priced at $96.67K, with a 24-hour movement up by 1.78%. For the ongoing trend, reputable analysis institutions have adjusted their signals to align with current market conditions. Standard Chartered predicts that BTC’s target for 2026 may settle at $150,000, with one signal indicating that institutional trading and holding may gradually slow down. However, Bernstein has a different outlook, suggesting that Bitcoin could still climb to $150,000 in 2026 and continue to $200,000 in 2027, fueled by a longer-lasting bull cycle. The inflow of capital into ETF funds remains a powerful driver, but Morgan Stanley issues a warning, indicating that Bitcoin’s four-year cycle continues to accelerate, potentially bringing the bull market closer to its end.

Ethereum (ETH) Has a different movement path. Currently, ETH is at $3.35K, up 1.83% in 24 hours. Contrary to the higher volatility than BTC in 2025, financial institutions forecast that 2026 will be a turning point for Ethereum. JPMorgan highlights the enormous potential of asset tokenization, emphasizing the importance of Ethereum’s blockchain infrastructure. Thought leaders in the crypto space, like Tom Lee from BitMine, believe that the wave of tokenization will be a major driver bringing a new bull cycle to the crypto market, with ETH possibly soaring to $20,000 in 2026 after the belief that Ethereum has passed its bottom in 2025.

Precious Metals Market: White Gold and Red Gold Prepare for New Roles

Gold (XAU/USD) Rebounded by up to 60% in 2025, marking the highest annual increase since 1979. The factors behind this movement are diverse, including central banks’ rate cuts, ongoing central bank funding, and persistent geopolitical tensions. Moving into 2026, the World Gold Council sees room for further upward movement, driven by additional rate cuts, the continued weakening of the US dollar, and escalating geopolitical tensions. Gold prices are expected to rise by 5%–15% under normal conditions, or 15%–30% if the global economy slows sharply and the US Federal Reserve adopts more dovish policies.

Most leading investment banks maintain a positive outlook. Goldman Sachs forecasts gold reaching $4,900 per ounce before the end of 2026, supported by increased demand from central banks and capital flows into ETFs, with an overall target range of $4,500–$5,000 per ounce. Bank of America is even more bullish, estimating that deficits and rising foreign debt will support gold prices, targeting $5,000 per ounce in 2026.

White Gold (XAG/USD) In 2025, it saw a greater increase than red gold by double, driven by tight supply and a rapid narrowing of the gold-to-white gold ratio. The Silver Institute warns that the global white gold market faces structural supply deficits due to recovering industrial demand, renewed investment interest, and disrupted supply growth. This imbalance is expected to persist and possibly intensify in 2026, providing a solid foundation for stable prices.

UBS has set a target for white gold in 2026 between $58–$60 per ounce, with potential to reach $65. Bank of America also signals a similar outlook, estimating that white gold could hit $65 per ounce.

Stock Market and Indicators: Technology and Artificial Intelligence Continue to Support

Nasdaq 100 and S&P 500 Looking back at 2025, Nasdaq 100 rose by 22%, outperforming the S&P 500, which increased by 18%, marking the third consecutive year of gains. Most financial institutions believe the US stock market will continue upward in 2026, driven by relentless AI investments.

JPMorgan notes that large data center providers like Amazon, Google, Microsoft, and Meta are expected to maintain high investment levels for several more years. The accumulated investment could reach hundreds of billions of dollars by 2026. This capital cycle is expected to support the prices of chip stocks such as NVIDIA, AMD, and Broadcom.

JPMorgan targets the S&P 500 to reach 7,500 points in 2026, while Deutsche Bank is more optimistic, estimating it could approach 8,000 points by late 2026 if corporate profits grow strongly and AI investments continue. Based on this S&P target, analysts believe Nasdaq 100 could break through 27,000 points in 2026.

Forex Market: Diverging Policies Drive Movement

EUR/USD In 2025, the euro (EUR) made a significant rebound, rising 13%, the highest annual increase in nearly eight years, led by the US dollar’s depreciation. For 2026, most financial institutions still see room for EUR/USD to rise, supported by the divergence in monetary policies—US Federal Reserve cutting rates versus the European Central Bank holding steady.

JPMorgan and Nomura expect EUR/USD to reach 1.20 before the end of 2026. Bank of America is more bullish, targeting 1.22. However, Morgan Stanley warns that EUR/USD might initially rebound to 1.23 before facing downward pressure in the second half of 2026 if the US economy improves, potentially falling to 1.16.

USD/JPY In 2025, it declined about 1% overall, with mixed movements. For 2026, outlooks vary significantly. JPMorgan and Barclays are positive, while Citi and Nomura are more bearish.

JPMorgan believes that the market has already priced in expectations of Japanese rate hikes, and Japan’s expansionary fiscal policy could exert downward pressure on the yen, with USD/JPY possibly rising to 164 before the end of 2026. Conversely, Nomura sees the narrowing interest rate differential reducing carry trade appeal, and if US economic indicators improve, investors might unwind positions, strengthening the yen, with USD/JPY potentially falling to 140 before year-end.

Energy Market: Challenges from Excess Supply

Crude Oil (USOIL) In 2025, it declined nearly 20%, due to OPEC+ increasing production capacity and US output rising. Looking ahead, financial institutions forecast significant downside risks, especially if OPEC+ continues high-level oil releases and global demand slows.

Goldman Sachs provides a relatively neutral estimate, projecting WTI averaging around $52 per barrel and Brent around $56 in 2026. JPMorgan shares a similar view, highlighting downside risks; if oversupply persists, WTI could drop near $54, and Brent could be around $58 per barrel.

2026 will present many opportunities but remains full of challenges. Wise investors will need to closely monitor policy changes, market signals, and fundamental data to navigate investment movements accurately.