US stocks became the focus of the market, while gold prices rose slightly.
2025-11-07 23:18:00
Gold and silver prices edged higher in early U.S. trading on Friday (November 7). A slight weakening of the U.S. dollar index and firm crude oil prices provided modest support. Traders and investors are focused on the recent volatile performance of U.S. stock indices. If U.S. stocks experience significant selling pressure today, safe-haven assets like gold and silver are expected to receive further buying support. December gold futures rose $8.60 to $3,999.60 per ounce, while December silver futures rose $0.210 to $48.160 per ounce.
Global stock markets showed mixed performance overnight, with New York markets expected to open lower.
In overnight news, a report from the World Gold Council shows that Indian gold exchange-traded funds (ETFs) are seeing record inflows. Year-to-date purchases have reached nearly $3 billion, equivalent to approximately 26 tons of precious metals. Investments so far in 2025, in value, are almost equivalent to the cumulative purchases from 2020 to 2024.
Official data released on Friday showed that China's exports fell for the first time in eight months, declining 1.1% year-on-year. Exports to all countries except the United States rose 3.1%, while exports to the U.S. fell by more than 25%. Exports had previously remained resilient, as Chinese companies explored new markets and exports to other destinations offset the decline in trans-Pacific exports. Exports had increased every month since February (when activity slowed due to the Lunar New Year holiday), but this growth trend was interrupted in October.
The number of containers handled at Shanghai Port fell to its lowest level since April. Almost all forecasting agencies were surprised by the overall decline in exports in October. This unexpected drop in October exports indicates that China's external resilience is beginning to weaken amid high tariffs and global trade uncertainty. This highlights the need for China to continue supporting domestic demand to prevent weak consumption from dragging down economic growth. Meanwhile, China's raw material imports generally weakened in October. Among major commodities, only crude oil imports showed significant strength.
The U.S. federal government shutdown has entered its 34th day, forcing flight reductions… The Federal Aviation Administration (FAA) has ordered nationwide flight reductions due to the record 34-day (and still ongoing) government shutdown, an order that took effect this morning. The order affects 40 airports across more than 20 states, including hubs such as Atlanta, Dallas, Denver, Los Angeles, and Charlotte, North Carolina. Multiple airports in metropolitan areas such as New York, Houston, Chicago, and Washington, D.C., will be affected, and the ripple effect may extend to smaller airports.
In key external markets today, the US dollar index edged lower, while crude oil prices remained firm, trading around $60.00 per barrel. The benchmark 10-year US Treasury yield is currently at 4.1%.
(COMEX Gold Daily Chart Source: FX678)
From a technical perspective, the next upside target for December gold futures bulls is a close above the strong resistance level of $4,100.00. The near-term downside target for bears is to push futures prices below the strong technical support level of $3,800.00. The first resistance level is seen at Thursday's high of $4,028.70, followed by $4,059.90; the first support level is seen at Thursday's low of $3,973.20, followed by this week's low of $3,935.70.
The next upside target for December silver futures bulls is a close above the strong technical resistance level of $50.00. The next downside target for bears is a close below the strong support level of $45.00. First resistance is seen at $49.00, followed by $49.225; first support is seen at Thursday's low of $47.41, followed by $47.00.
Note: The gold market operates primarily through two pricing mechanisms. The spot market offers prices for immediate purchase and delivery; the futures market determines prices for future delivery. Due to year-end position adjustments and market liquidity, the most actively traded contract on the Chicago Mercantile Exchange (CME) is currently the December gold futures contract.
Global stock markets showed mixed performance overnight, with New York markets expected to open lower.
In overnight news, a report from the World Gold Council shows that Indian gold exchange-traded funds (ETFs) are seeing record inflows. Year-to-date purchases have reached nearly $3 billion, equivalent to approximately 26 tons of precious metals. Investments so far in 2025, in value, are almost equivalent to the cumulative purchases from 2020 to 2024.
Official data released on Friday showed that China's exports fell for the first time in eight months, declining 1.1% year-on-year. Exports to all countries except the United States rose 3.1%, while exports to the U.S. fell by more than 25%. Exports had previously remained resilient, as Chinese companies explored new markets and exports to other destinations offset the decline in trans-Pacific exports. Exports had increased every month since February (when activity slowed due to the Lunar New Year holiday), but this growth trend was interrupted in October.
The number of containers handled at Shanghai Port fell to its lowest level since April. Almost all forecasting agencies were surprised by the overall decline in exports in October. This unexpected drop in October exports indicates that China's external resilience is beginning to weaken amid high tariffs and global trade uncertainty. This highlights the need for China to continue supporting domestic demand to prevent weak consumption from dragging down economic growth. Meanwhile, China's raw material imports generally weakened in October. Among major commodities, only crude oil imports showed significant strength.
The U.S. federal government shutdown has entered its 34th day, forcing flight reductions… The Federal Aviation Administration (FAA) has ordered nationwide flight reductions due to the record 34-day (and still ongoing) government shutdown, an order that took effect this morning. The order affects 40 airports across more than 20 states, including hubs such as Atlanta, Dallas, Denver, Los Angeles, and Charlotte, North Carolina. Multiple airports in metropolitan areas such as New York, Houston, Chicago, and Washington, D.C., will be affected, and the ripple effect may extend to smaller airports.
In key external markets today, the US dollar index edged lower, while crude oil prices remained firm, trading around $60.00 per barrel. The benchmark 10-year US Treasury yield is currently at 4.1%.
(COMEX Gold Daily Chart Source: FX678)
From a technical perspective, the next upside target for December gold futures bulls is a close above the strong resistance level of $4,100.00. The near-term downside target for bears is to push futures prices below the strong technical support level of $3,800.00. The first resistance level is seen at Thursday's high of $4,028.70, followed by $4,059.90; the first support level is seen at Thursday's low of $3,973.20, followed by this week's low of $3,935.70.
The next upside target for December silver futures bulls is a close above the strong technical resistance level of $50.00. The next downside target for bears is a close below the strong support level of $45.00. First resistance is seen at $49.00, followed by $49.225; first support is seen at Thursday's low of $47.41, followed by $47.00.
Note: The gold market operates primarily through two pricing mechanisms. The spot market offers prices for immediate purchase and delivery; the futures market determines prices for future delivery. Due to year-end position adjustments and market liquidity, the most actively traded contract on the Chicago Mercantile Exchange (CME) is currently the December gold futures contract.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
