Gold Stalls Below US$5,000: Volatility Persists, Producers in Focus
February 18, 2026Dear readers, welcome back to our Australian Gold Mid-Weekly Review!
If you're reading this, you're part of a small group of investors who care about staying ahead of the curve, not reacting late to headlines. Every Wednesday, we break down what's actually happening in precious metals and mining markets, in plain and simple terms!
So for the headlines, gold is currently trading at US$4,934/oz. The US$5,000 level continues to act as strong resistance. Each time gold pushes above it, sellers step in. At the same time, the US$4,800 level is holding as short-term support.
What stands out right now is the wide intraday range. We are seeing swings from roughly US$4,800 to US$5,000 within the same trading day. That is a large move in just hours. It tells us the market is still trying to find balance.
Until these daily ranges tighten and volatility settles, we expect greater stability before identifying a fair entry point again. The longer-term structure remains constructive. But in the short term, patience still matters.
Silver is feeling this pressure even more.
Silver is a high-beta asset, meaning it tends to move more sharply than gold. When gold pulls back, silver usually drops harder. When gold rallies, silver often moves faster on the upside.
At the moment, silver is trading in the US$72–76/oz range, currently around US$76/oz. Gold's frequent pullbacks toward US$4,800 have kept silver capped. It is holding range support for now, but volatility remains elevated.
Back home, the ASX All-Ordinaries Gold Index continues to mirror gold's swings. The index has fallen about 300 points since Friday and is currently sitting at 20,086.68 points.
Short-term index moves can exaggerate sentiment. In last week's video, we went beyond price charts and looked at December quarter production trends. We identified a pattern among large producers that may shape the year ahead.
So the key question becomes:
Is this the right time to buy back some gold producers?
Valuations have adjusted. Volatility remains high. Production data tells a story that daily price action does not always show. If you want a deeper breakdown, including our discussion on positioning and producer trends, you can watch the full video here!
Thank you so much for your continued trust and support. We truly appreciate that you take the time to read these updates! And as always, we'll see you next Wednesday!
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Brian contributes his insights on precious metals and mining stocks via free and paid newsletters with independent publisher, Fat Tail Investment Research. You can learn about his work by visiting www.daily.fattail.com.au. Fat Tail Investment Research is part of The Agora, a renowned international financial solutions publisher.
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