Gold and Silver Technical Analysis: Bullish Structure Builds Ahead of FOMC Minutes

Author: Muhammad Umair

Updated: February 18, 2026

Key Points

• Gold is holding above $4,850 and is targeting $5,000, supported by expectations of rate cuts and safe-haven demand.
• Technical consolidation is observed below $5,100 for gold and above $60–$70 for silver, maintaining a bullish structure.
• A weak U.S. Dollar Index below 100.50 increases the likelihood of higher prices for gold and silver.

Gold Market Overview

Gold prices are currently struggling to recover from support near $4,850, with the market eyeing the key $5,000 level as it awaits the Federal Reserve Minutes. The anticipation of rate cuts is providing a supportive tone for gold, limiting price dips and attracting new buying interest.

Dovish comments from Federal Reserve officials are also bolstering the recovery of precious metals. If inflation continues to cool, the case for rate cuts strengthens. Additionally, uncertainty surrounding U.S.-Iran talks is contributing to a moderate safe-haven bid, supporting gold prices during periods of low liquidity.

Gold Technical Analysis

Daily Chart

The daily chart for spot gold shows strong consolidation below $5,090, indicating positive price action as it remains above the 50-day Simple Moving Average (SMA) and within an ascending broadening wedge pattern. An upside breakout above $5,090 is increasingly likely, while a break below $4,670 would suggest further downside towards $4,400.

4-Hour Chart

The 4-hour chart also reflects consolidation, with key levels at $5,100 and $4,770. A strong reversal from $4,400 and subsequent consolidation indicates that the price is preparing for its next move. A confirmed break below $4,670 would indicate further downside, while a break above $5,100 would suggest an upward move towards $5,600.

Silver Market Overview

Silver is experiencing greater volatility due to its sensitivity to both monetary policy and industrial demand. However, as long as expectations for policy easing persist, the outlook for both gold and silver remains positive.

Silver Technical Analysis

Daily Chart

Silver's recent correction hit minor support at $72.50, initiating a rebound. The price is consolidating above this level, forming a base pattern that may lead to another rally in 2026. As long as the price remains above the major $50 support zone, the silver market is expected to continue its upward trajectory.

4-Hour Chart

The 4-hour chart for silver shows strong consolidation within an ascending broadening wedge pattern. The recent correction from $120 has reached $64, near the $60 support of the wedge. As long as this support holds, the next move in silver is likely to be upward, with increasing volatility anticipated for the next growth phase.

U.S. Dollar Technical Analysis

The daily chart for the U.S. Dollar Index shows consolidation between 96.50 and 100.50, with the index remaining weak and below both the 50- and 200-day SMAs. A break below 96 would indicate a significant drop towards 90, while a recovery above 98.50 could signal further upside towards 100.50.

Conclusion

Gold remains strong above key support levels, attracting buying interest ahead of the FOMC meeting minutes. The expectation of lower interest rates maintains a bullish tone for both gold and silver. Technical consolidation below $5,100 for gold and above $60-$70 for silver supports the bullish trend. As long as $4,670 in gold and $50 in silver hold, both metals are likely to continue their upward trajectory. A weaker U.S. dollar will further boost metals in the upcoming sessions.

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