Gold Prices Analysis - February 19, 2026
Author: Samir Al Khoury
Current Market Overview
Precious metals are currently experiencing mild volatility, with gold leading the pack, having gained approximately 15% since the start of the year. In comparison, silver has risen by 9%, platinum by 2%, and palladium by 5%.
Gold prices have been hovering around the $5,000 mark for the past two weeks, indicating a search for a definitive directional move. Interestingly, a positive correlation has developed between the US Dollar Index and gold, with both assets rising together, which is a shift from their historical inverse relationship.
Fundamental Support for Gold
Despite the current volatility, the fundamentals supporting gold prices remain robust. Incoming Federal Reserve Chair Kevin Warsh has suggested that technological advancements may facilitate non-inflationary growth, potentially leading to interest rate cuts and a more accommodative monetary policy.
Additionally, strong purchasing activity from global central banks, alongside declining investor confidence in public finances—especially in advanced economies—continues to bolster gold prices. Investors are increasingly moving away from long-term government bonds and are turning to gold as a traditional safe haven amid ongoing trade tensions and inflation risks.
Silver Market Insights
For silver, the combination of a persistent supply deficit and strong industrial demand is expected to support prices in the medium term.
Upcoming Economic Data
Attention is turning to upcoming US inflation and growth data, with GDP figures and the core Personal Consumption Expenditures (PCE) price index set to be released tomorrow at 17:30 UAE time. The core PCE is anticipated to show a reading of 3.0%, an increase from the previous 2.8%.
Market participants should exercise caution, as any readings that exceed expectations for GDP or core PCE could negatively impact precious metals prices, particularly gold, while simultaneously benefiting the US dollar.
Technical Analysis of Gold
From a technical standpoint, gold is showing a positive alignment across the 20-, 50-, and 200-day moving averages, all trending upwards. The 20-day average is above the 50-day, which in turn is above the 200-day average. The Relative Strength Index (RSI) is currently at 54, indicating positive momentum, although the MACD remains below its signal line, suggesting that short-term bearish momentum is still present.