2025-10-17 Sing Pao's Column《真金白銀》(English translation) Gold Soars to Fresh All-Time Highs

Gold Soars to Fresh All-Time Highs

Gold has staged a dramatic rally, breaking above $4,218 per ounce and setting record highs for three consecutive sessions. The metal has surged more than $200 in just three trading days — the fastest pace in this uptrend — reflecting extreme bullish momentum. After Fed Chair Jerome Powell gave a dovish speech on Tuesday, markets interpreted his comments as signaling a potential shift toward monetary easing, further accelerating inflows into gold.

Meanwhile, geopolitical tensions added fuel to the fire: China cut back on U.S. soybean purchases, and former President Trump proposed suspending certain U.S.-China trade agreements, particularly in edible oil imports, intensifying risk-off sentiment.

On the domestic front, the U.S. Senate failed to pass a temporary funding bill, raising the specter of another government shutdown. All these uncertainties combined have turned gold into the safe haven of choice.

Gold Technicals: Bullish Structure Intact

Technically, gold remains in overbought territory, with the 14-day RSI climbing to 67 but still showing no signs of fatigue. Despite being at elevated levels, momentum indicators continue to point upward. Price action on the daily chart reveals that gold is trading well above all key moving averages, underscoring the strength of the current rally.

The 20-day simple moving average (SMA), currently near $4,120, may serve as a key short-term pivot. As long as prices stay above this level, the bullish structure remains intact and higher targets may still be on the table.

Silver Gains Traction: Targeting the $55 Milestone

Silver has followed suit, trading near $52.90 per ounce. On the daily chart, price remains in an upward channel, with bullish momentum strengthening. The 14-day RSI is now above 70, indicating overbought conditions. However, fundamental factors — including limited supply and renewed safe-haven interest — continue to support silver prices.

A decisive break above $53.77 would bolster the bullish case and open the path toward the key psychological resistance at $55.00. On the downside, watch for potential correction if silver falls below the $50.15 support level (9-day EMA), which could trigger a sharp short-term pullback.

Crypto Collapse: Market Flushes Excess Leverage

On October 10, the crypto market experienced its largest liquidation event in history. Following Trump’s abrupt announcement of 100% tariffs on Chinese imports, panic swept across markets. Bitcoin and Ethereum both plunged, leading to over 1.6 million traders liquidated and more than $1.9 billion in value erased from the market in just 24 hours — a record-breaking event in crypto history.

While the sharp sell-off caused severe short-term pain, it also wiped out excessive leverage and frothy speculation — potentially setting the stage for a healthier, more sustainable market in the long run. In the coming days, investors are likely to adopt a cautious stance. Market consolidation and sentiment repair are expected before a meaningful recovery can take shape.

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.