#onlinetrading In early 2026, the gold market is navigating a pivotal "digestion" phase following a historic rally that saw prices touch an all-time high of $\$5,594$ in late January. As of February 17, 2026, spot gold is trading near $\$4,918$, marking a significant pullback below the $\$5,000$ psychological threshold due to easing geopolitical tensions and a stronger US Dollar. This correction has been particularly sharp in local markets; for instance, gold rates in Pakistan plummeted by Rs. 9,000 per tola on February 17 alone, reflecting the broader global sell-off. Technical analysis reveals a bearish trend on intraday charts, with price action breaking below minor bullish trendlines and the EMA50. Traders are closely monitoring a "Rising Wedge" pattern on the 4-hour chart, which suggests that if gold fails to consolidate above $\$4,920$, it could face deeper losses toward the $\$4,600$–$\$4,760$ support zone.

Despite this short-term volatility, institutional forecasts from UBS and J.P. Morgan remain structurally bullish for the remainder of 2026. Central banks are projected to continue their aggressive accumulation, with estimated purchases of 755 to 950 tonnes this year as they diversify away from the dollar. Furthermore, the anticipated shift toward lower real interest rates later in 2026 is expected to provide a persistent "floor" for prices. While current technical indicators like the RSI (near 40) signal further downside potential in the immediate term, analysts expect a rebound toward year-end targets of $\$5,055$ to $\$6,200$ per ounce. For active traders, the focus remains on key liquidity zones near $\$5,100$, where a sustained breakout would confirm a resumption of the primary uptrend. #onlinetrading #Crryptocurrency $BTC