2025-10-03 Sing Pao's Column《真金白銀》(English translation) Gold Climbs Higher in Times of Turmoil

Gold Climbs Higher in Times of Turmoil

Gold posted another stellar performance this week, reaching a new all-time high of USD 3,855 during the Asian session on September 30. The rally was primarily fueled by a sharp drop in the U.S. dollar and Treasury yields. Mounting concerns over a possible U.S. government shutdown—driven by the failure to pass a spending bill—may delay key economic data releases, including Friday’s Non-Farm Payrolls report. A data blackout would leave the Federal Reserve flying blind and further magnify economic uncertainty and market volatility.On the geopolitical front, Russia’s Defense Ministry announced control over Chandyrykhovo village in Ukraine’s Donetsk region, once again heightening risk-off sentiment and reinforcing gold’s safe-haven appeal.

Gold Technical Analysis: Uptrend Intact, but Caution Warranted

Technically, gold is poised to challenge the USD 3,880 to 3,900 resistance range. Although the Relative Strength Index (RSI) remains in extreme overbought territory between 80–85, price action continues to trade well above all key moving averages—confirming persistent bullish momentum.That said, USD 3,900 is a critical psychological threshold just shy of the round number USD 4,000, and may trigger near-term profit-taking. If momentum stalls, downside support lies at USD 3,520 and USD 3,500. In the broader picture, the bullish trend remains intact, and pullbacks may present buying opportunities.

Silver Analysis: Strong Upswing Faces Overbought Risks

Silver prices also climbed higher on the back of a weaker dollar and lower yields, trading near a four-year high of USD 47.00. While fundamental tailwinds remain supportive, technical signals point to extreme overbought levels, suggesting that volatility may increase in the short term.Silver has surged nearly 8% in the past three sessions and approximately 14% over the last two weeks. Such sharp gains often precede technical corrections. Immediate resistance lies at USD 47.20, with an extended target at USD 47.70. On the downside, support is seen at USD 45.92 (Sept 29 low) and USD 45.22 (Sept 25 high).

Crypto Market Insight: Bitcoin Eyes October With Cautious Optimism

After a week of sharp volatility, Bitcoin (BTC) reclaimed the USD 114,000 level, restoring positive sentiment. With continued inflows into Bitcoin ETFs, market structure has shifted toward a “slow bull” pattern—gradual, stair-step gains with healthy 10–15% pullbacks along the way.Historically, October has been one of Bitcoin’s strongest performing months. The recent correction flushed out excessive leverage, and a breakout above USD 120,000 could be a pivotal bullish trigger. While Fed rate cuts may take more time to materialize, investor patience will be key as liquidity gradually returns to the market.

Disclaimer

This column is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any financial product. Investing involves risk. Readers should assess their personal circumstances carefully and seek independent professional advice before making investment decisions.