Gold & Silver Morning Update 10/30/2025 | The Bregar Minute
A nerve-racking Asian session for the precious metal bulls last night as expected, following yesterday’s technically poor NY close for gold (well below the 55hr moving average). Trump and Xi’s meeting then ended around midnight ET without any formal statements from either leader, and as luck would have it the S&P futures puked -0.5% and gold popped 1%. While Trump later heralded the “amazing” “12 out of 10” meeting where a 1-year US-China trade truce was agreed, rare earth issues were settled, fentanyl tariffs were reduced and US soybean purchases were committed to; the technical damage was done to stocks and gold fiercely defended its 55hr moving average after regaining it and eventually erased all its post FOMC losses by 5:30amET.
The gallop higher for US yields and the broader USD since 6amET was a thorn in the side for the precious metals for the last few hours. I still can’t believe the bond market’s panic over Powell’s stunt yesterday; he had no hawkish evidence to support his pushback on December rate cut expectations; he contradicted himself with another comment saying “we don’t comment at any one asset price and say, hey, that’s wrong. It is not our job to do that”; 25bp rate cut odds have only fallen to 70%; this is still a gross overreaction in my opinion, and I think that’s why we’re now seeing the gold bulls strongly defend the 55hr moving average once again.
The 9amET hourly finishes back above this morning’s COMEX opening ranges now shifts intra-day momentum more clearly in favor of the bulls. EURUSD’s bounce following the ECB’s neutral policy is helping at the margins as it spurs broader USD selling. I think the precious metals could head much higher today if bonds finally calm down.
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