23-02-2026

Gold & Silver at the Crossroads of Policy and Price

Financial markets are standing at a fascinating intersection where global politics and technical structure are colliding. Gold and Silver, after witnessing sharp rallies and equally sharp corrections, have now entered a phase of consolidation. This is typically the phase where markets prepare for their next decisive move.

This week, three major global developments have added fresh uncertainty and opportunity to the precious metals space.

The announcement of a new 15% global tariff proposal by Donald Trump has reintroduced inflationary concerns into global markets. Historically, higher tariffs disrupt supply chains, push up costs, and create inflationary pressure — a combination that tends to support precious metals in the medium term. While the market is still assessing implementation risks, the underlying sentiment for Gold and Silver remains structurally positive if inflation fears deepen.

At the same time, the U.S. Supreme Court verdict challenging tariff structures has created a layer of policy uncertainty. If trade tensions cool due to legal and political resistance, safe-haven demand may see temporary pressure. However, if the conflict between policy and judiciary escalates, volatility will increase — and volatility has historically been favorable for Gold.

Adding to this global mix is China’s new silver hedging policy, which signals rising strategic and industrial demand for silver. China increasing hedging activity suggests long-term supply concerns and price protection strategies. This development is structurally bullish for silver in the medium to long term.

Against this macro backdrop, let us decode the charts.

23-02-2026

Gold: Structure Still Bullish, Waiting for Expansion

Gold is currently trading in a tight consolidation zone after a strong upward move and subsequent correction. Price action indicates formation of higher lows, suggesting that buyers are gradually stepping in on declines. However, the metal is yet to convincingly break above its immediate resistance zone, keeping traders in a wait-and-watch mode.

From a moving average perspective, Gold continues to hold above its key medium-term averages. The 50-day and 100-day moving averages are acting as strong dynamic supports, while the shorter moving average has flattened, indicating consolidation rather than trend reversal. The long-term structure remains firmly bullish as long as major supports hold.

Elliott Wave structure suggests that the initial impulsive rally has completed its first phase, followed by a corrective wave. The current consolidation appears to be the base formation for the next impulsive leg. If resistance zones are taken out decisively, Gold could enter a strong third wave, which is typically the most powerful phase in any trending market.

Key resistance for the week lies near the 158,500–160,500 zone. A sustained breakout above this range can open the path toward higher positional targets. On the downside, immediate support remains near 152,000, with stronger structural support near 148,000.

Weekly Strategy for Gold:
Traders should consider long positions only on a confirmed breakout above resistance which can open doors for 165,000- 172,000-175,000
As long as prices hold above major support levels, buying on dips remains the preferred positional approach. A break below structural support, however, can trigger a deeper corrective phase.

23-02-2026

Silver: Preparing for a High-Volatility Move

Silver continues to display classic pre-breakout behavior. After a vertical rally and a sharp correction, the metal has moved into a tight consolidation range. Such price compression historically leads to strong directional moves once the range breaks.

The price structure is forming an ascending base, indicating gradual accumulation. Moving averages suggest that while short-term momentum has cooled, the broader bullish structure remains intact. Silver is still holding above its medium-term support averages, and the long-term moving average trend continues to slope upward.

From an Elliott Wave perspective, Silver appears to have completed its corrective phase and is now building the base for the next impulsive wave. If confirmed, the upcoming wave can be swift and aggressive, as silver typically moves faster than gold once momentum returns.

Immediate resistance lies near the 255,000–259,000 zone. A decisive breakout above this level can trigger strong upside momentum. On the downside, support remains near 240,000 and more importantly near the 236,000 zone, which acts as a structural foundation for the ongoing bull market.

Weekly Strategy for Silver:
Aggressive buying should only be considered above breakout levels. A Breakout above 260,000 will open gates for 275,000-290,000-322,000
Within the current range, traders may prefer to remain selective and reactive. As long as major supports hold, the broader bullish structure remains intact, but a breakdown below key supports could lead to a sharper correction.

23-02-2026

Disclaimer :-
VIKASH BAGARIA ---SEBI Research Analyst INH300008155, BSE Enlistment No-5426
Disclaimer :- The investments discussed or recommended in the market analysis, research reports, etc. may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and only after consulting such independent advisors as may be necessary.

“Investments in Securities market are subject to Market Risks, Read all the related documents carefully before Investing.”

Registration granted by SEBI & Certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to Investors.

For Research Risk & Disclosure Please Visit
https://chartntrade.com/research-disclaimer