Gold, Silver, and Platinum Price Forecasts: Gold Prices Fall as Chinese New Year Holiday Begins
2026-02-17 01:36:45
Gold continued to weaken as traders focused on a strong dollar. The dollar index rose amid thin holiday trading, as the market reacted to weak Japanese GDP data.
The Chinese New Year holiday is likely to have a significant impact on the gold market. Previously, buying by Chinese investors was a major driver of gold price increases; therefore, the lack of funds during the holiday will be a negative factor for gold prices. It should be noted that Chinese investors will be absent from the market for the entire week.
Traders will also be watching the second round of US-Iran talks in Geneva on Tuesday. If the two sides fail to reach an agreement, geopolitical risk premiums will rise, providing support for gold and other precious metals.
Technical aspects:
Gold is still fluctuating within a wide range, with support at $4,880–$4,900 and resistance at $5,100–$5,120.
(Spot gold daily chart source: FX678)
If it falls below $4,880, the next support level to watch is $4,670–$4,690.
If the price breaks through the $5100-$5120 resistance level, it will likely test $5450.
Silver remains under pressure below $78.00.
As the gold-silver ratio climbed above 65.00, silver prices fell in tandem. The silver market is likely to remain volatile due to the Chinese New Year and Presidential Day holidays.
From a longer-term perspective, silver prices are seeking support after a significant pullback from historical highs. While bargain hunting remains, the bulls have yet to exert significant upward pressure in the absence of major positive news.
A stronger dollar is putting pressure on silver bulls – previous concerns about the dollar's performance were one of the core catalysts that triggered the surge in silver prices. Whether the dollar can maintain its upward momentum in the coming weeks remains to be seen.
Technical aspects:
Silver closed below the recent resistance range of $78.00–$79.00.
If it breaks above $79.00, it will open up upside potential, with a target of $87.00–$88.00.
A drop below $71.00 could trigger a sell-off, potentially pushing the price down to around the recent low of $64.00.
Platinum tests $2,000 mark
Platinum fell, dragged down by a general correction in precious metals. Notably, palladium surged 3.40% in today's trading, but this did not boost platinum.
Platinum attempted to break below the key psychological level of $2,000, but failed.
If the closing price falls below $2,000, it will likely test the $1,880-$1,900 support level.
The Relative Strength Index (RSI) is in the neutral range, suggesting significant downside potential in the short term.
Technical aspects:
Platinum needs to hold above the $2040-$2060 resistance level to gain sustained upward momentum.
If it breaks through $2060, it will target the 50-day moving average at $2164.
After breaking through the 50-day moving average, it is expected to test the resistance level of $2245-$2265.
The Chinese New Year holiday is likely to have a significant impact on the gold market. Previously, buying by Chinese investors was a major driver of gold price increases; therefore, the lack of funds during the holiday will be a negative factor for gold prices. It should be noted that Chinese investors will be absent from the market for the entire week.
Traders will also be watching the second round of US-Iran talks in Geneva on Tuesday. If the two sides fail to reach an agreement, geopolitical risk premiums will rise, providing support for gold and other precious metals.
Technical aspects:
Gold is still fluctuating within a wide range, with support at $4,880–$4,900 and resistance at $5,100–$5,120.
(Spot gold daily chart source: FX678)
If it falls below $4,880, the next support level to watch is $4,670–$4,690.
If the price breaks through the $5100-$5120 resistance level, it will likely test $5450.
Silver remains under pressure below $78.00.
As the gold-silver ratio climbed above 65.00, silver prices fell in tandem. The silver market is likely to remain volatile due to the Chinese New Year and Presidential Day holidays.
From a longer-term perspective, silver prices are seeking support after a significant pullback from historical highs. While bargain hunting remains, the bulls have yet to exert significant upward pressure in the absence of major positive news.
A stronger dollar is putting pressure on silver bulls – previous concerns about the dollar's performance were one of the core catalysts that triggered the surge in silver prices. Whether the dollar can maintain its upward momentum in the coming weeks remains to be seen.
Technical aspects:
Silver closed below the recent resistance range of $78.00–$79.00.
If it breaks above $79.00, it will open up upside potential, with a target of $87.00–$88.00.
A drop below $71.00 could trigger a sell-off, potentially pushing the price down to around the recent low of $64.00.
Platinum tests $2,000 mark
Platinum fell, dragged down by a general correction in precious metals. Notably, palladium surged 3.40% in today's trading, but this did not boost platinum.
Platinum attempted to break below the key psychological level of $2,000, but failed.
If the closing price falls below $2,000, it will likely test the $1,880-$1,900 support level.
The Relative Strength Index (RSI) is in the neutral range, suggesting significant downside potential in the short term.
Technical aspects:
Platinum needs to hold above the $2040-$2060 resistance level to gain sustained upward momentum.
If it breaks through $2060, it will target the 50-day moving average at $2164.
After breaking through the 50-day moving average, it is expected to test the resistance level of $2245-$2265.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
