Gold & Silver Morning Update 10/31/2025
A disappointing last 16hrs for the precious metal bulls. We initially got the upside breakout above Wednesday’s high that I was expecting after yesterday’s technically strong NY closing print, but Chinese buyers were still nowhere to be found and we headed lower after the PBOC’s daily CNY fix for the 8th Asian session in a row! Some buyers returned at the 100hr MA at the Asian close and again at this morning’s COMEX open, but they failed to seriously re-test last night’s 6pmET hourly highs, therefore inviting a heavy-handed seller to dump 1k+ December futures contracts at 8:48amET, and we’re now chopping around when we should be rallying alongside the decline for stocks and US yields after the S&P cash open. Hate to say it but if the bulls don’t wake up here and get this market closer to session highs by day’s end, we could have another painful start to the week on Sunday night.
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