1) Your power supply has failed 2) Your motherboard failed, most likely from a bad capacitor. 3) The front panel board (where the power button is located) is faulty or not connected properly. I've worked with 10's of 1000's of Dell Optiplex's over the past 8 years and the flashing amber light is well known as a tell-tail sign of one of those three failure. Always start your trouble shoot with a PSU tester, then inspect the motherboard for domed or split/leaking capacitors...then on to the front panel which would require another panel and ribbon from the same model.
For the Optiplex 320, a flashing amber light with no sound indication can mean 3 things.
SOURCE: orange amber showing on the power button of dell
An amber led is indicative that your machine is stuck in either stand by or hibernation mode. If you're unable to boot up at all, the easiest way to clear it is to
At this point it will try to run in SAFE mode. Once it boots up successfully, you should be good to go.
Best of luck!
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