On February 18, market news indicated that the U.S. dollar recorded slight gains for the second consecutive trading day, largely disregarding market expectations that the Federal Reserve will implement approximately three interest rate cuts this year. Recent bearish sentiment toward the dollar has eased, with the so-called front-end risk reversal indicator falling to its lowest negative level in nearly a month. Money markets currently anticipate around 64 basis points of rate cuts by the Fed by the end of the year. Some strategists consider these expectations excessive, arguing that three rate cuts may exceed what economic data supports, increasing the risk of a dollar rebound. Elias Haddad, Global Head of Market Strategy at Brown Brothers Harriman, noted, "Expectations for Fed rate cuts appear somewhat overstretched, creating room for a near-term strengthening of the dollar." He highlighted that economic growth remains robust and inflation continues to exceed the Fed’s 2% target. Market participants are awaiting the release of the Fed meeting minutes early Thursday.

In the spot gold (London gold) market, technical analysis shows that the daily chart closed with a small bearish candlestick. The Bollinger Bands are contracting, suggesting the price is nearing a directional decision. The KDJ indicator shows signs of forming a death cross, while the MACD fast line remains below the slow line with the green histogram gradually expanding. The broader trend remains upward, though medium-term momentum appears to be in a phase of decline. On the 4-hour chart, the Bollinger Bands are opening, the KDJ indicator displays a death cross pattern, and the MACD fast and slow lines are intertwined. On the hourly chart, the Bollinger Bands are open, the KDJ indicator hints at a potential golden cross, and the MACD fast line lies below the slow line with the green histogram expanding. Short-term prices have retreated as anticipated, and further downward movement is being monitored. Key support levels are identified at 4842, 4794, and 4762, while resistance levels are observed at 4906, 4940, and 4968.

In the spot silver (London silver) market, the broader trend indicates wide-range consolidation, with medium-term momentum in a phase of decline. Short-term prices have retreated as expected, and further adjustments are being closely watched. Resistance levels are noted at 74.6 and 77.5, while support levels are seen at 72.1 and 70.5.