Summary of Gold, Oil, and DXY Revisit Key Breakout Levels
By Razan Hilal, CMT - Market Analyst
Date: February 19, 2026
Overview
The article discusses the current market dynamics affecting gold, oil, and the US dollar index (DXY), highlighting how risk-off sentiment, geopolitical tensions, and expectations regarding Federal Reserve interest rates are influencing these assets. The analysis indicates that these factors have driven gold, oil, and the DXY towards significant breakout levels.
Market Sentiment and Asset Performance
Risk-off sentiment has been prevalent in global markets, fueled by concerns over AI-sector volatility, geopolitical frictions, and tensions in the US-Middle East. This environment has led to increased demand for safe-haven assets like gold and silver, while also supporting crude oil prices due to hedging activities.
The US dollar remains strong, bolstered by cautious haven flows and the expectation that the Federal Reserve will maintain its current interest rate policy. This combination of factors has created a defensive bias across various asset classes.
Crude Oil Analysis
Crude oil prices have shown a bullish trend since December 2025, driven by winter demand and concerns over supply disruptions. The price has recently rebounded above the $65 mark, indicating potential upside as it tests the upper boundary of a downtrending channel. Key resistance is identified at $66.80, with potential targets of $68.40, $70.40, and $74 if this level is breached. A weekly close above $74 could signal a structural shift in the market.
Gold and Silver Outlook
Gold and silver are currently near critical resistance levels of $5,100 and $80, respectively. The article outlines potential upside and downside scenarios based on recent price action. For silver, downside risks are noted below $70 and $64, while upside potential exists above $90 and $110. For gold, a break below $4,800 and $4,400 could expose lower levels, while a sustained move above $5,100 could lead towards $6,000.
DXY Outlook
The DXY is testing resistance near 97.70, with an intact 18-year uptrend structure. A break below the 95 zone could indicate a bearish shift, while levels at 99.50 and 100.40 are crucial for confirming a continuation of the dollar's bullish trend.
Conclusion
Key levels for gold, oil, and the DXY remain critical as market sentiment evolves. The interplay of geopolitical tensions, economic indicators, and market psychology will continue to shape the outlook for these assets in the near term.