**Precious Metals Cede Ground: Silver Under the Spotlight with Double Bottoms**

Thursday morning during the U.S. session, the markets for gold and silver closed negatively. The white metal experienced the worst performance, dropping to $73.83 per ounce ( with a decline of $3.783), while February delivery gold was quoted at $4,431.7 per ounce, down $30.8. Traders highlight that the main cause lies in the stop-losses of speculative traders and the closing of long positions, combined with panic among bullish investors.

**Technical Chart Signals Danger for Silver Bulls**

On the technical side, March silver futures show an inverted double top pattern that worries analysts. The next upside target remains the all-time high at $82.67 per ounce, while the bears aim to break below the critical support around $69.225 per ounce. In the short term, immediate resistance is at $75.00 per ounce.

Regarding gold per ounce, bulls will need to surpass the all-time high at $4,584.00 to confirm the positive trend, while bears aim to push futures below $4,284.30. The first daily resistance is at $4,475.20 per ounce.

**Rebalancing Indices and Incoming Sales**

A technical factor weighing on both metals is the upcoming annual rebalancing of commodity indices. According to Citigroup estimates, approximately $6.8 billion worth of silver futures could be liquidated in the coming days, with similar outflows for gold. Bloomberg explains that this is due to the increased weighting of precious metals in benchmark indices.

**Market Awaits Positive Catalysts**

Experts emphasize a crucial point: a mature bull market requires a continuous flow of positive news to sustain it. Currently, the two precious metals seem to lack such supporting factors, which partly explains the observed weakness.

**Macroeconomic Scenario: Layoffs and Trade Policies**

On the U.S. employment front, December data show a surprising improvement. According to Challenger, Gray & Christmas, announced layoffs fell to 35,553, the lowest since July 2024 ( compared to 71,321 in November ). However, the 2025 annual tally tells a different story: 1,206,374 total layoffs, up 58% from 2024 and the highest since 2020. The public sector led with 308,167 layoffs, while in the private sector, technology recorded 154,445 layoffs.

Meanwhile, planned new hires plummeted to 507,647, the lowest since 2010, down 34% from the previous year.

**Political Moves Shaking Markets**

The U.S. Supreme Court could rule on Friday on the legality of Trump’s tariffs. If it declares them illegal, the government may have to reimburse tens of billions of dollars. However, Trump has at least five legal alternatives to impose tariffs, albeit with more restrictive procedures.

On a different front, the president announced an increase from $1 trillion to $1.5 trillion for U.S. defense. He also signed an executive order banning major defense contractors from buybacks and dividends until investments in facilities and research increase. This move caused shares of Raytheon, Northrop Grumman, Lockheed Martin, and General Dynamics to decline.

**Venezuelan Oil Changes the Energy Landscape**

One of the biggest surprises comes from the announcement that the U.S. will take control of up to 50 million barrels of Venezuelan oil. This strategy could reintroduce Venezuelan crude into the American market after years of sanctions. Energy Secretary Chris Wright provided further details on Wednesday.

U.S. oil traders and refineries are already repositioning to secure Venezuelan supplies. The return of this oil to international markets would represent one of the most significant changes in global energy in decades. Venezuela holds the world’s largest proven oil reserves, although production has fallen below one million barrels per day due to underinvestment, sanctions, and economic isolation.

However, Bloomberg warns that without clear political and legal guarantees, many drilling companies may remain cautious about re-entering the Venezuelan market.

**Today’s Closing Data**

The dollar index slightly strengthened, oil rose to around $57.00 per barrel, while the yield on 10-year U.S. Treasuries stands at 4.16%.