Upon evaluating the movements of across different time-frame chart patterns, I anticipate that the surging fear of an expected energy crisis—due to the closure of the Strait of Hormuz, where around 300 oil tankers remain stranded as vessel traffic in and out of the chokepoint has nearly halted following the outbreak of war—could significantly influence market sentiment.
Renewed attacks on tankers in the Gulf, along with Chinese measures to reduce fuel exports, pushed prices higher, while the refined products market is also showing signs of stress due to missing Middle East exports.
On the other hand, gas prices also rose on Thursday after President Vladimir Putin warned that Russia could halt its remaining gas flows to Europe, adding to supply concerns after Qatar announced force majeure on LNG shipments.
On Wednesday, a U.S. submarine sank an Iranian warship off Sri Lanka, killing at least 80 people, while NATO air defenses destroyed an Iranian ballistic missile fired toward Turkey.
On Thursday, Iran launched a wave of missiles at Israel early in the day, sending millions of residents into bomb shelters as the conflict entered its sixth day—just hours after efforts to halt U.S. attacks were blocked in Washington.
Undoubtedly, amid such a scenario, gold and have started to feel the jolt of panic selling, which is likely to accelerate soon as both futures have broken below key support levels after a tough struggle during the last few hours today.
Technical Levels to Watch
GOLD
On the daily chart, gold futures opened the day at $5,176.80, tested a high of $5,204.25 and a low of $5,090, and are currently trading at $5,113 while trying to defend the immediate support at the 20 EMA ($5,091). A sustained move below this level could push the futures to test the next support at the 50 EMA ($4,869.80).
I observed that a breakdown below this significant support at the 50 EMA could push the futures to test the next major supports at the 100 EMA ($4,518) and the 200 EMA ($4,002) by next week.
On the 1-hour chart, gold futures have been constantly teetering below the significant support at the 200 EMA ($5,188) since Feb. 3, 2026, when a bout of selling pushed the futures below this level to test the lows at $5,005.63. After struggling hard to remain above the $5,175 level for the last 7 hours, the futures finally broke below the significant support at $5,127.79 and are currently struggling to move back above it. This suggests that a breakdown below today’s tested low at $5,091 could accelerate the slide more steeply tonight.
SILVER
On the daily chart, silver futures opened the day at $84.225, tested a high of $85.730 and a low of $80.662, and are trading at $82.460, just below the immediate resistance at the 20 EMA ($84.440). Meanwhile, the 9 EMA ($84.978), which has tilted downward, is about to move below the 20 EMA to form a ‘Bearish Crossover’ in today’s session.
I observed that a bout of selling could push silver futures below the immediate support at the 50 EMA ($79.375). A breakdown below this level could push the futures to test the next significant supports at the 100 EMA ($69.316) and the 200 EMA ($54.532).
On the 1-hour chart, silver futures are already trading in bearish territory as the 9 EMA, 20 EMA, and the 50 EMA ($84.730) have all moved below the 200 EMA, forming a “Bearish Crossover,” while the 100 EMA is also tilting downward to pierce the 200 EMA.
Now, silver futures are struggling even below the 9 EMA ($83.476) and could slide deeper if they sustain a move below the immediate support at $79.778.
***
Disclaimer: Readers are advised to take any position in gold and silver at their own risk, as this analysis is based only on observations.
