Gold & Silver Afternoon Update 10/2/2025 | The Bregar Minute
A wild rest of the day for the precious metals, and it started with fake-out breakouts above yesterday’s highs / swift falls back below this morning’s COMEX opening ranges for gold & silver when cash equities opened poorly. Stocks and the precious metals then fell tumultuously through four different support levels until about 11:30amET, at which point they all finally began slow grinds higher off support levels from Tuesday (erasing roughly half their losses in the end). What’s troubling here are the lack of clear headline catalysts driving the stock market and how beholden the precious metals have become to that volatility. Technically speaking, I think the PM bulls (who didn’t puke) can breathe a sigh of relief after today’s more neutral looking NY closing prints for the December futures (well above this afternoon’s COMEX closing ranges, in turn producing indecisive spinning top daily candlestick formations), but who knows what global equities want to do into the end of the week.
The calendar remains baren for the next 16hrs; day 3 of China’s Golden Week holiday is tonight (so again traders won’t have the daily CNY fix signal from the PBOC). Germany is on holiday tomorrow, which could dampen liquidity. There won’t be an NFP report tomorrow because of the US government shutdown. The only economic data set for the rest of the week (of probably added importance) comes at 10amET tomorrow: the September ISM Services report.
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