Gold has been consolidating below $5,000 since the beginning of February and, despite several strong attempts to break through that psychologically important level, has been unable to do so. A breakout above $5,000 would be extremely important and would likely push gold higher toward the highs around $5,400. However, that outcome is increasingly unlikely.
Momentum signals turning lower
Momentum in gold, as measured by the Relative Strength Index, may be turning bearish, suggesting that gold has lost significant bullish momentum in February. At this point, the RSI is struggling to remain above 50, a level that often separates bullish and bearish momentum.
Additionally, after being firmly above the 20-day exponential moving average, gold has been oscillating around it and now appears to be using it as support, wedged between the moving average and the $5,000 resistance level.
Source: TradingView, 16 February 2026
Short-term structure weakens
The 30-minute chart shows that gold had been forming what appeared to be a bullish ascending triangle, but it now appears to have fallen below that uptrend. That former uptrend is now acting as resistance, and the price has failed to push back above it after several attempts.
