Gold and silver slip ahead of key data; Oil steady as Iran drills in Strait of Hormuz

Overview

As of February 17, 2026, the commodity markets for gold (XAU/USD), silver (XAG/USD), West Texas Intermediate (WTI) crude oil (CL), and Brent crude oil (BRN) are demonstrating divergent trends shaped by both technical indicators and geopolitical dynamics. While precious metals continue to benefit from heightened safe-haven demand amid global uncertainty, the oil sector faces persistent bearish pressures due to oversupply concerns and tepid global demand.

Technical Analysis

Gold is currently trading at $4.9K per ounce, firmly above its 50-day and 200-day moving averages. This position signals a robust and sustained bullish trend, indicating that buyers remain in control and any pullbacks are likely to find strong support.

Silver has down at $73 per ounce threshold and is trading significantly below key moving averages. The technical structure for silver remains highly volatile, with momentum indicators confirming ongoing pressure.

WTI Crude Oil is trading near $64 per barrel. Technical signals—including moving averages and the Relative Strength Index (RSI)—point to a bearish trend. The market remains below major resistance levels, and the prevailing technical setup suggests that any rallies are likely to be short-lived.

Brent Crude Oil is priced around $68 per barrel, with resistance at $63.7 and support near $57. The negative technical outlook suggests continued vulnerability, with little evidence of a reversal in the immediate term.

Geopolitical Factors and Latest Developments

Recent months have seen intensified geopolitical tension, particularly the U.S. administration’s threats to impose tariffs on several European countries. This escalation has fueled investor anxiety and driven strong flows into safe-haven assets such as gold and silver, contributing to their sharp price appreciation. For example, gold has surged past $4.7K and silver below $95 in response to these uncertainties.

In the oil markets, price volatility has been pronounced. In January, Brent and WTI crude prices climbed by over 3% following unrest in Iran, which stoked fears of supply disruptions. However, by early February, prices retreated as diplomatic negotiations between the U.S. and Iran progressed, alleviating immediate supply concerns. Ongoing oversupply and lackluster global demand continue to weigh on both WTI and Brent prices.

Short-Term Outlook

The short-term outlook for gold and silver remains strongly bullish. Both metals are supported by resilient safe-haven demand and technically robust setups, suggesting further gains are likely if geopolitical tensions persist or escalate.

Conversely, WTI and Brent crude oils face a persistently bearish outlook. Despite occasional price spikes driven by geopolitical events, the overarching narrative is dominated by oversupply and subdued demand. Technical indicators reinforce the view that any upward movement in oil prices will likely be transient without a material change in the supply-demand balance.

Conclusion

In summary, as of February 17, 2026, gold and silver are benefiting from safe-haven flows and strong technical momentum, positioning them for continued short-term strength. Oil markets, both WTI and Brent, are constrained by bearish technical trends and fundamental oversupply, with only brief periods of volatility stemming from geopolitical disruptions. Investors should remain attentive to evolving geopolitical developments, as these continue to exert a profound influence on commodity price trajectories.

Please note that the analysis is for informational purposes only and does not constitute financial advice. Users should conduct their own research.