Gold & Silver Morning Update 12/8/2025 | The Bregar Minute
A challenging start to the week for the precious metals after Friday’s brutal post-London close selloff / NY closes below the COMEX closing ranges. I couldn’t find a legitimate reason for it following the tame US Core PCE and Michigan Inflation Expectation readings, but US yields have been trending higher ever since and there’s now suddenly a narrative going around that this week’s expected 25bp rate cut from the Fed will be followed by even more hawkish commentary from chairman Powell. In some sense I can understand this fear given how Powell surprised us last time around, and it’s also concerning here how the US 10yr yield has completely recovered its late November decline in what now looks like an inverse head-and-shoulders pattern (hinting that yields are on the cusp of a significant break higher). Algo selling in gold at 8amET, and the subsequent breakdown out of this morning’s COMEX opening range, made for a very shaky start to the 9amET hour, but we’re suddenly looking a little better now thanks to some risk-on USD selling (which has helped silver defend its COMEX opening range and continue to outperform). The gold bulls really need to re-attack the overnight highs, and hold gains above the 55hr moving average for more than a couple of hours, in order to get hourly momentum on their side again.
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