Global share markets have taken a sudden step backwards as tensions between Iran and Israel continue to escalate. Both the S&P/ASX 200 and the S&P 500 have slipped below their 50-day moving averages, a technical level closely watched by institutional traders. The charts are beginning to look eerily familiar. On 5 March last year the S&P 500 experienced a similarly sharp retreat from almost the same position on the chart, a move that ultimately marked a short-term top before a broader correction followed. With geopolitical stress rising and economic data beginning to soften in several regions, markets are now asking whether the index is once again approaching a turning point.
Precious metals are sending a mixed signal. Gold remains comfortably above its 50-day moving average and continues to hold its longer-term uptrend, reinforcing its role as a safe-haven asset during periods of instability. Silver, however, has pulled back sharply this week to around $US82 per ounce. While the drop surprised some investors, the context is important. Since April 2025, silver has staged one of the strongest rallies seen in decades. Even with this week’s correction, the metal remains dramatically higher than its levels from a year ago. The chart since April last year tells the story clearly, a near vertical climb that was always likely to pause at some point as traders locked in profits.
Another unusual development emerging from the conflict is the growing role of artificial intelligence in military planning and intelligence analysis. The CEO of Anthropic, creator of the Claude AI system, recently stated the company would not allow its technology to be used for automated killing or mass surveillance by the United States military. Following the unwinding of that contract, attention quickly turned to OpenAI and its platform ChatGPT. Reports suggest the technology has been positioned to assist the US military in operational and analytical roles during the current escalation. The move has triggered a notable public reaction online, with critics questioning the ethical boundaries of AI involvement in modern warfare.
Closer to home, the conflict is already filtering through to energy markets. Fuel prices across parts of regional and remote Australia have surged, with reports of petrol nearing $4 per litre in some isolated locations. Rising freight insurance, disrupted shipping routes and tightening global oil supply are beginning to feed directly into domestic pricing. Australia remains heavily dependent on imported refined fuel despite possessing significant untapped oil and gas resources. As geopolitical risk spreads across key energy corridors in the Middle East, the current spike may serve as another reminder of how exposed the country remains to international supply shocks.
Technical Indicators FOR GOLD – Weekly Projections
Daily technical indicators – NEUTRAL, leading into weekly projection of STRONG BUY
Weekly technical indicators chart.
| RSI(14) | Buy |
| STOCH(9,6) | Buy |
| STOCHRSI(14) | Sell |
| MACD(12,26) | Buy |
| ADX(14) | Overbought |
| Williams %R | Buy |
| CCI(14) | Buy |
| ATR(14) | High Volatility |
| Highs/Lows(14) | Buy |
| Ultimate Oscillator | Buy |
| ROC | Buy |
| Bull/Bear Power(13) | Buy |
Artificial intelligence is already used by modern militaries, though not in the science fiction sense of autonomous robots. Most systems are designed to analyse enormous amounts of data, such as satellite imagery, drone footage and radar signals, helping analysts detect threats or troop movements far faster than traditional intelligence methods.
The real debate around AI centres on autonomous weapons, systems that could select and engage targets without direct human approval. Most Western governments currently maintain that humans must remain “in the loop” for any lethal decision, meaning AI is primarily used for intelligence, surveillance and planning rather than direct combat.