Gold & Silver Morning Update 12/9/2025 | The Bregar Minute
An unsurprisingly weak overnight session for gold following yesterday’s inability to regain Friday’s lows. The PBOC then pushed back on Chinese yuan strength for the third day in a row, Australian and US bond yields rose after the hawkish RBA rate hold, and copper prices pulled back sharply after an impressive +11% run off their November lows…all creating a nerve-racking Asian session for the safe-haven metal. Thankfully for the bulls, it all ended at 1:09-10amET when over 2.3k contracts worth of longs were stopped out below yesterday’s low. German & US yields and the broader USD then fell aggressively at the European open, helping gold storm back up into yesterday’s COMEX opening range. Since then though, the market has struggled immensely with getting above its 55 & 100hr moving averages as EURUSD turned lower again with the S&P futures, and it now looks like we just finished another sell-stop run (taking out all those leveraged accounts who chased the European AM gold bounce). This morning’s 4.75k average ADP job gain for the week ending Nov 22 was a non-event for the marketplace, but the October JOLTs Job Opening number now looms for 10amET. Unless it comes out surprisingly bad (prompting the bears to give up with a spike above the 55hr moving average), I think gold may continue to struggle into tomorrow’s FOMC meeting. Silver’s outperformance is downright impressive today, especially considering all the correlative negatives this morning (gold, stocks, copper all lower while USD higher).
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