2025-11-28 Sing Pao's Column《真金白銀》(English translation) Dollar Retreat Sets Gold in Motion
- 金豐來研究部 GF Research
- Nov 28
- 2 min read
Dollar Retreat Sets Gold in Motion
On Thursday (November 27), during the Asian trading session, gold prices surged to a one-week high, hovering around USD 4,150. With the U.S. market closing early for Thanksgiving, trading activity is expected to be relatively light. The rally was primarily driven by continued expectations of a Fed rate cut in December and a weaker U.S. dollar, prompting capital inflows into gold. Investor confidence in gold remains solid. However, in the short term, any signs of progress in Russia-Ukraine peace talks could dampen safe-haven demand and potentially limit upside momentum.
Many bank research institutions forecast that gold will remain above USD 4,000 throughout 2026, with some upgrading their outlook to USD 4,450 due to stabilized capital flows and sustained central bank buying.
Gold Technical Analysis:Buying momentum remains dominant, with the next key resistance at the November high of USD 4,245. A solid breakout above the USD 4,270–4,300 consolidation range could open the path to retest the historical high near USD 4,380. Momentum indicators remain supportive—RSI is approaching 60, and ADX is above 19—indicating a slow-building uptrend. On the downside, the 21-day SMA near USD 4,053 provides dynamic support, followed by the psychological support level at USD 4,000, which helps maintain market confidence.
Silver Technical Analysis:Silver surged to USD 53.15 amid continued pressure on U.S. yields and growing expectations of further monetary easing. The 100-day SMA has risen to USD 50.67, and prices remain above this level. RSI stands at 68, near overbought territory, potentially capping near-term gains. A breakout above USD 54.39 could lead to fresh highs. Immediate support lies at USD 51.87, while stronger support remains within the 100-day SMA range of USD 50.40–50.70.
Crypto Market Commentary:As rate-cut expectations become more uncertain and early-era “whale” wallets awaken to increase selling pressure, Bitcoin briefly dropped to USD 80,500 and is now consolidating around USD 89,000. With year-end approaching, institutional investors are shifting to more defensive positions to lock in profits. This risk-off behavior has drained liquidity from crypto markets, leaving thin buy-side support. Currently, the only significant potential catalyst is a Fed rate cut in December. Without it, a new crypto market high seems unlikely in the short term.
📌 Disclaimer: This column is for informational purposes only and does not constitute investment advice or an offer to buy or sell any financial instrument. Readers should exercise their own judgment and seek professional advice. All data and market observations are as of the time of writing and may be subject to change.
