Gold and silver continue to face downward pressure, and traders' panic is heating up
2025-10-22 22:43:33
At 22:39 Beijing time, spot gold was trading at $4,033.58 per ounce, down 2.16%. Spot silver was trading at $48.136 per ounce, down 1.01%. COMEX gold was trading at $4,051.9 per ounce, down 1.39%. COMEX silver was trading at $47.780 per ounce, up 0.1%.

The sharp decline in gold and silver prices has captured the attention of the broader market. On Tuesday, both metals suffered their worst decline in years, fueled by concerns that the previous rally had been too rapid and aggressive. During Tuesday's trading session, gold futures prices briefly fell by over $250 per ounce, while silver futures prices dropped by over $3.50 per ounce. The broader market will continue to closely monitor the gold and silver markets mid-week. Further increases in volatility could raise concerns about market efficiency and even lead to market disruption. In such a scenario, the uncertainty could lead to selling pressure spreading to other commodity futures markets.
Global stock markets showed mixed trends overnight, with U.S. indices expected to open mixed in New York.
Elsewhere, the US government shutdown has entered its 22nd day. Due to the ongoing deadlock between the two parties over expired health insurance subsidies, this shutdown has become the second longest government shutdown in US history. The US Senate Democratic leader requested to meet with Trump before he travels to Asia later this week, but Trump said he would only speak with them after the government shutdown ends. This Friday, US federal civil servants will not receive their full salaries for the first time, and the government shutdown's impact on the economy will be further exacerbated. Bloomberg reported that the meeting between Trump and Senate Republicans at the White House on Tuesday seemed to only strengthen the Republican Party's position of refusing to negotiate with the Democrats - the Democrats proposed that in order for them to agree to restart the government, Congress must provide assistance to Americans who will face rising health insurance premiums in January of next year.
Crude oil prices stabilized on reports that India may reduce Russian oil imports... Crude oil prices rebounded overnight from a 4.5-month low hit on Tuesday, partly due to reports that the United States and India are close to reaching a trade deal that could prompt New Delhi to gradually reduce its Russian crude oil imports, boosting demand for alternative sources of supply.
In early trading today, Nymex crude oil futures for December delivery were trading around $58.00 per barrel, up about 80 cents from Tuesday's close. Trump said Indian Prime Minister Narendra Modi had promised him that India would gradually reduce its oil purchases from Russia. Bloomberg News reported that Modi acknowledged a call with Trump but did not disclose the content of the conversation. Indian refiners have previously stated they will reduce, but not halt, Russian oil imports.
In other key external markets today, the US dollar index strengthened. The benchmark 10-year US Treasury yield is currently at 3.95%.

(Comex Gold Daily Chart Source: Yihuitong)
Technically, bullish sentiment in December gold futures is rapidly waning. Bulls' next upside price objective is closing prices above key resistance at $4,200.00. Bears' next near-term downside price objective is pushing prices below key technical support at $3,900.00. First resistance is seen at $4,100.00, with further resistance at the overnight high of $4,175.00. First support is seen at the overnight low of $4,021.20, with further support at $4,000.00.
Bullish sentiment in the silver market is also rapidly weakening. Last Friday, the silver market formed a bearish "key reversal down" pattern, one of the technical signals suggesting a possible market top. Silver bulls' next upside price objective is pushing prices above key technical resistance at $50.00. Bears' next downside price objective is pushing prices below key support at $45.00. First resistance is seen at the overnight high of $48.65, with further resistance at $49.00. First support is seen at the overnight low of $46.82, with further support at $46.00.
Note: The gold market operates primarily through two pricing mechanisms. The first is the spot market, which quotes prices for immediate purchase and delivery; the second is the futures market, which determines prices for delivery at a future date. Due to year-end position adjustments and market liquidity, the most actively traded gold futures contract on the Chicago Mercantile Exchange (CME) is the December delivery contract.
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