February 23, 2026
Gold Technical Analysis Report: 23 Feb 2026 – Gold Trade Dubai
The global bullion market has reached a critical technical juncture this Monday, February 23, 2026. After a period of intense volatility that characterized the start of the year, gold (XAU/USD) is demonstrating a decisive bullish resurgence. As Dubai strengthens its position as a global price-setting hub with the recent introduction of dirham-denominated contracts, local and international investors are closely watching the $5,100 psychological barrier.
In this comprehensive technical report, Gold Trade analyzes the current price action, key Fibonacci levels, and the macroeconomic catalysts driving the "Yellow Metal" toward potential new all-time highs.
Market Overview: Gold Bulls Regain Control
As of today’s morning session in Dubai, spot gold is trading near $5,148, marking a significant recovery from the early-February correction. The market sentiment has shifted from "cautious consolidation" to "aggressive accumulation," primarily driven by renewed US dollar weakness and escalating trade uncertainties following recent US Supreme Court rulings on international tariffs.
Current Dubai Gold Rates (24K - 18K)
For our retail clients and investors in the UAE, the local market reflects this international surge. The following rates are updated as of February 23, 2026:
| Purity | Price per Gram (AED) |
|---|---|
| 24K Gold | AED 620.25 |
| 22K Gold | AED 574.50 |
| 21K Gold | AED 550.75 |
| 18K Gold | AED 472.00 |
Technical Analysis: Breaking the $5,100 Ceiling
The technical structure for XAU/USD has turned decidedly constructive. On the daily chart, gold has successfully invalidated a short-term "death cross" pattern seen earlier this month, with the price now trading comfortably above the 50-day and 200-day Exponential Moving Averages (EMA) .
1. Resistance Levels: The Path to $5,300
Gold has cleared the primary resistance at $5,100, which previously acted as a "supply ceiling" throughout mid-February.
- Immediate Resistance ($5,170): This level represents the 61.8% Fibonacci retracement of the January sell-off. An hourly close above this mark could ignite a "short squeeze," rapidly pushing prices toward the next magnet.
- Secondary Resistance ($5,290): This is a former intraday support zone that collapsed in late January. Technical analysts at Gold Trade expect significant profit-taking at this level.
- The Ultimate Target ($5,595): Should the momentum sustain, a retest of the January all-time high is within reach by the end of Q1 2026.
2. Support Zones: The "Line in the Sand"
The $5,000 level has transitioned from a psychological barrier to a formidable technical floor.
- Critical Support ($5,103): This is the current "pivot point." As long as gold holds above this level on a daily closing basis, the intraday bias remains bullish.
- Major Support ($4,980 - $5,000): This zone represents our "line in the sand." A break below $4,980 would invalidate the current bullish structure and potentially lead to a deeper correction toward the $4,840 region.
3. Momentum Indicators
- RSI (Relative Strength Index): The 14-day RSI is currently hovering around 65.4, suggesting that while the market is approaching "overbought" territory, there is still room for an extension before a natural cooling-off period occurs.
- MACD (Moving Average Convergence Divergence): The MACD line has crossed above the signal line on the 4-hour chart, providing a fresh "Buy" signal for momentum traders.
Fundamental Drivers: Why Gold is Gaining Momentum
While technicals provide the "where," fundamentals provide the "why." Several key factors are currently supporting the rally in Dubai and beyond:
- Central Bank Accumulation: Emerging market central banks continue to diversify away from the US dollar. Projections for 2026 suggest institutional demand will remain above 800 tonnes annually.
- Geopolitical Risk Premium: Tensions in the Middle East and uncertainty regarding global trade tariffs have bolstered gold’s status as the ultimate safe-haven asset.
- Dubai’s New Benchmark: The move by the Dubai Gold and Commodities Exchange (DGCX) to establish dirham-denominated gold contracts has increased liquidity and price transparency in the region, attracting more institutional capital to the Emirate.
Expert Insight from Gold Trade
"The breakout above $5,100 is a significant milestone for 2026. We are seeing a shift where gold is no longer just a hedge against inflation, but a strategic asset against global systemic shifts. In Dubai, the physical demand remains exceptionally high, as investors realize that the current price plateau is likely a base for the next leg up toward $6,000." — Market Strategist, Gold Trade Dubai.
Conclusion and Trading Strategy
For February 23, 2026, the path of least resistance for gold is higher. Traders should look for "dip-buying" opportunities near the $5,120 support area, with a stop-loss placed below $5,080.
Investors with a long-term horizon (6-12 months) may view the current consolidation above $5,100 as a healthy entry point, as major global banks like Goldman Sachs and JP Morgan continue to forecast targets between $5,400 and $5,800 by year-end.
Disclaimer: The information provided in this Gold Technical Analysis Report is for educational purposes only and does not constitute financial advice. Trading gold and precious metals involves significant risk. Investors should conduct their own research or consult with a professional financial advisor before making any investment decisions.
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