Metals Fake-Out to the Downside; Opportunity? –…

Metals have been responding very unusually to the latest and ongoing US-Iran-Israel conflict, initially spiking higher but failing to withstand the pressure that followed. What is bothering Metals, as with virtually all other assets on the Market except for Crude and its beloved Petrodollar, is that supply tensions in Energy are known for their long-lasting […] The post Metals Fake-Out to the Downside; Opportunity? – Gold (XAU/USD) & Silver (XAG/USD) Update appeared first on ActionForex.

Metals have been responding very unusually to the latest and ongoing US-Iran-Israel conflict, initially spiking higher but failing to withstand the pressure that followed.

What is bothering Metals, as with virtually all other assets on the Market except for Crude and its beloved Petrodollar, is that supply tensions in Energy are known for their long-lasting effects on inflation.

And while inflation helps metals shine bright over the long run, when rate expectations are repriced higher, non-yielding assets face trouble.

This morning was yet another example of this, with Oil gapping higher at the Globex open and Gold, Silver, and other precious metals turning lower.

Current Session in Metals (15:05 ET) – Courtesy of Finviz. March 16, 2026

The weird price action now gets even weirder when you see that a progressive easing in Oil and the US Dollar only briefly helped metals rebound.

Gold now fragilely holds around $5,000 (after briefly crossing below the key level), and Silver is doing the same, this time around $80.

A few alternatives that have held well are Copper and Platinum, both of which remain strong despite the broader context in the Commodity Market.

We will explore their technical levels during tomorrow’s Metals update.

The million-dollar question remains the same:

Are such corrections in the midst of a rough conflict opportunities to buy-dips or not?

One risk of being long metals is that if the “fact” of war brings in some profit-taking, players who bought them as Safe-Havens won’t have many reasons to hold such positions; that is, as long as the conflict doesn’t escalate to something much worse.

The broader de-dollarization context remains, but this could already be a trend of the past, given recent reactions to the new Fed Chair, Kevin Warsh (who has yet to be officially nominated) in end-January.

Let’s tackle the intraday charts and levels for both Silver (XAG/USD) and Gold (XAU/USD) to see if today’s downside fakeout could help the case for some dip-buying or if technical red flags have emerged.