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Gold (XAU/USD) builds on the overnight breakout momentum beyond the $4,100 mark and prolongs its recent record-setting run through the Asian session on Tuesday.

The US stock market was open yesterday but the bond market was closed. And with it being a major holiday, it definitely sapped a lot of the liquidity conditions and market appetite. So, think of today as being the return from the long weekend and where the week officially begins.

Wall Street kept active with US indices bouncing back a fair bit after the Friday drop. US-China trade tensions remain the key driver at the moment, with investors pretty much settled on how they think the Fed will move at the end of this month.

The S&P 500 clawed back losses with 1.6% gains as tech shares led the way. The Dow posted gains of 1.3% with the Nasdaq bouncing back with gains of 2.2%. The optimism isn’t quite flowing through to the new day though, with US futures looking flattish at the moment. If anything, it signals that there is still some caution up in the air among market players.

Sure, there’s still roughly three weeks for the US and China to make nice. And for now, it seems like the Trump and Xi meeting is back on at least. But as always, headline risks remain key and things can change up at any point in the coming weeks. So, just be wary of any escalation or TACO affirmation.

As for today, US traders might be back in force after the long weekend but they will not be greeted with much of anything on the economic calendar. With the US government shutdown still ongoing, this week will feature no major data releases from the US again besides those from private surveys. Oh, what fun.

This article was written by Justin Low at investinglive.com.

It feels like we’re beating a dead horse almost every day now. After a tentative pause before the highs on Friday, both gold and silver are off to the races this week in scaling to fresh record highs. Both are up 1.1% on the day with the former seen at $4,156 while the latter is up to $52.87 currently. On the month itself, gold is trading up nearly 8% while silver is up over 13% in October thus far.

From a seasonal perspective, October tends to be a decent month for precious metals but nothing suggestive of the kind of stirring gains from December to January typically.

That said, it wasn’t the case last year with gold prices being bookended by monthly declines in both January and December 2024. Instead, gold went on a tear with nine straight monthly gains between February to October 2024.

The precious metal is on a somewhat similar run this year, gaining in 8 out of the past 9 months and looking for another month of gains in October. November seems to be a trickier period to navigate though, with prices having fallen in 9 out of the last 13 November months. The average monthly performance for November in that stretch is -1.7%.

As for silver, it put on a more mixed performance last year. But the gains this year is looking more consistent, mostly in mimicking gold’s performance. Interestingly though, silver has been bid in each of the past six October months stretching back to 2019. And the precious metal looks poised to make it seven in a row this year now.

However, November promises to be a tricky period for silver. It has posted a decline in 10 out of the last 12 November months – averaging a monthly performance of -2.3%.

Taking the seasonal factors into account, are we poised for a strong October before some profit-taking and cooling in November? Well, that is just something to consider when having to take into account all the other factors in play at the moment.

Here’s a look at the seasonal pattern for both precious metals over the past 15 years:

This article was written by Justin Low at investinglive.com.

EUR/USD inches higher after registering nearly 0.5% losses in the previous session, trading around 1.1570 during the Asian hours on Tuesday. The pair holds ground ahead of the final September Harmonized Index of Consumer Prices (HICP) and ZEW Survey data from Germany.

The short-term Elliott Wave analysis for the Gold Miners ETF (GDX) indicates a rally from the June 27, 2025, low, unfolding as a five-wave impulse structure.

Japanese Finance Minister Katsunobu Kato said on Tuesday that he has recently seen one-sided and rapid moves in the foreign exchange. Kato added that it’s important for currencies to move in a stable manner, reflecting fundamentals. 

USD/CAD gains ground for the second successive day, trading around a new six-month high of 1.4043 during the Asian hours on Tuesday.

The Japanese Yen (JPY) drifts lower for the second consecutive day on Tuesday amid expectations that domestic political chaos could further delay the Bank of Japan’s (BoJ) rate hike plans. Apart from this, the upbeat market mood is seen undermining the JPY’s safe-haven status.

The Japanese Yen (JPY) drifts lower for the second consecutive day on Tuesday amid expectations that domestic political chaos could further delay the Bank of Japan’s (BoJ) rate hike plans. Apart from this, the upbeat market mood is seen undermining the JPY’s safe-haven status.