As the North American market closed due to their respective holidays, gold and silver prices stabilized on a calm Monday, closing at $2898.956 per ounce. On Tuesday (February 18) in the Asian market, gold prices continued to rise, hitting a two-day high of $2908.97 per ounce, an increase of about 0.35%.

Although the gold and silver prices were disappointing last Friday, recording the largest single day decline since mid December, some analysts point out that this has limited damage to the overall upward trend. The gold market opened this week holding its initial support level of around $2880 per ounce. Silver has also found solid support and has rebounded from an overnight low slightly below $32 per ounce.

Some analysts say that silver prices are facing a more difficult challenge, as the resistance to breaking above $34 last Friday was quite severe.

However, in addition to short-term fluctuations, many analysts suggest that gold and silver are still worth buying on dips.

FXStreet's market analyst Haresh Menghani stated in a report on Monday, "The positive oscillation indicators on the daily chart indicate that the path of least resistance in silver prices is still upward. However, before preparing for further gains, caution should be exercised to wait for some follow-up forces above the $32.55 level

Alex Kuptsikevich, Chief Market Analyst of FxPro, stated in a report that as buyers become more cautious, the trend of gold prices has become more complex after last Friday's sharp drop.

He said, "On a daily time frame, gold has entered the overbought area of the RSI index. Historically, this has led to a temporary pause rather than a reversal. From the weekly chart, the market still tends to be bullish because the pullback of the past two months has created space for further acceleration and eased the overbought situation

Despite the sell-off last Friday, many predict that gold prices will still receive good support as geopolitical uncertainty continues to rise.

Ricardo Evangelista, a senior analyst at ActivTrades, stated in a report, "Boosted by its safe haven status, gold seems prepared to consolidate its position above $2900. Traders hedge risks in their investment portfolios to prevent the risk of US tariffs triggering a multilateral trade war that could harm the global economy. Gold prices are also supported by ongoing geopolitical instability, which has been further exacerbated by the recent clear US desire to disrupt Europe's long-term dependence on the transatlantic alliance

In addition to the geopolitical uncertainty caused by the Trump administration, some analysts suggest that if this week's economic data shows a slowdown in economic activity and rising inflationary pressures, gold may find additional support.

Although the Federal Reserve will release the minutes of last month's monetary policy meeting on Wednesday, economists do not expect any new comments on the trend of interest rates. Last week, Federal Reserve Chairman Powell reiterated the Fed's current neutral stance during a two-day hearing in Congress, emphasizing that there is no rush to cut interest rates as inflation remains a threat and the labor market remains healthy.