Financial Markets Update 26 November 2025
Drifting into Thanksgiving
News Overnight
Poor US suggest the consumer is out of luck, input prices are elevated but under control and employment continues to get worse. All of which adds to the narrative of a rate cut on 10 December. These are numbers from September so will the FED join the dots to predict a much worsening economy? It’s the sort of policy mistake they’re prone to making.
Breaking
Italy Wants to Tax Private Gold holdings [Scottsdale Mint]
Grim retail sales data fuels concerns about health of US economy [FT]
Hassett Emerges as Frontrunner in Trump Fed Chair Audition [Bloomberg]
US retail sales growth cools; consumer sentiment sags amid job market worries [Reuters]
For Free Subscribers
Silver Update 26 November 2025
Price has bounced nicely from uptrend support at 49.40, even though it pierced it down to 48.60. Can’t see price below 49.90 now as it gains energy for a third assault at the all time high.
DXY Update 26 November 2025
Short-term treble top now forming on DXY around 99.80 and a clear rejection of the level. Support is at 98.60 and 98.10 but I suggest we may well just trade a narrow range into Thanksgiving tomorrow and a quiet Friday.
For Paid Subscribers
NASDAQ Update 26 November 2025
NASDAQ’s price is constrained by the 2 large drawdowns, on 10 October and 20 November. Thus range will be 22,200 to 23,100 until it isn’t. A confirmed break up or down will set the tone for the next few months.
Bitcoin Update 26 November 2025
We’re a small buyer at 85.5k trend support for our trading account but currently it’s not a trend to jump onto. The downtrend only breaks at 103.1k which is miles away and can’t see price above 94.1k up to 10 December.
Economic Indicators Today
