2025-12-05 Sing Pao's Column《真金白銀》(English translation) Silver Hits Record High as Gold Builds Momentum

Silver Hits Record High as Gold Builds Momentum

Amid heightened global uncertainty at the end of 2025, gold prices remain firmly above USD 4,200, supported by weaker U.S. ADP employment data, rising expectations of a December Fed rate cut, and broad USD softness. U.S. Treasury yields also moved lower, reinforcing gold’s appeal: the benchmark 10‑year yield fell 2.9 basis points to 4.06%, while the 2‑year yield dropped to 3.48%. Falling yields diminish the attractiveness of interest‑bearing assets, enhancing the relative value of gold as a non‑yielding safe-haven asset.

Markets are also focused on the next Federal Reserve Chair. Current White House economic adviser and NEC Director Kevin Hassett is widely viewed as the leading candidate. Investors will closely assess whether his leadership may accelerate the push toward monetary easing—an outcome that could significantly influence gold’s medium‑term trend.

Gold Technical Analysis

Gold continues to move within a well‑defined uptrend on the daily chart. The 21‑day simple moving average (SMA) is rising steadily and remains above the 50‑day, 100‑day, and 200‑day SMAs, forming a strong bullish alignment. The 21‑day SMA near USD 4,137 currently provides primary support.

The RSI sits at 63, trending higher, while the ADX near 21 indicates strengthening upward momentum. If buying interest remains dominant, the first major resistance appears at the December 1 high of USD 4,264. A confirmed breakout could open the path toward the historical peak at USD 4,380, determining whether the current rally has sustainable momentum. Support is clustered between USD 4,105 and USD 4,130—an area reinforced by multiple moving averages.

Silver Technical Analysis

Silver convincingly broke above the 54.40–54.50 resistance band last Friday and surged to a new all‑time high of USD 58.97. The metal continues to trade steadily after the breakout, underscoring strong underlying demand. However, the elevated daily RSI suggests limited short‑term upside and the possibility of a brief corrective pullback. Any decline is likely to find support near USD 57.65.

As long as silver holds above the 10‑day moving average at USD 56.30, the bullish structure remains intact, leaving the door open for an attempt at the psychologically significant USD 60 level.

Cryptocurrency Market Outlook

Bitcoin fell as much as 7% earlier this week after Chinese regulators formally defined stablecoins as a category of “virtual currency,” placing them within the regulatory framework governing illegal financial activities. The policy shift ended years of ambiguity and triggered a wave of selling. However, markets rebounded sharply after the U.S. announced an end to its quantitative tightening (QT) program, lifting Bitcoin back toward the USD 90,000 area.

The USD 90,000 level now serves as a key bull‑bear threshold. Whether Bitcoin can maintain support above this level will be crucial for determining the next trend. Meanwhile, Bank of America has officially begun allowing Bitcoin exposure within its wealth management portfolios—a notable milestone that could influence other hesitant institutions. Despite short‑term volatility, crypto adoption continues to grow, reinforcing its importance as an emerging asset class.

📌Disclaimer

This column is for informational purposes only and does not constitute investment advice or an offer to buy or sell any financial instrument. Investments involve risks, and prices may rise or fall. Readers should evaluate their personal financial situation and consult independent professional advice before making any investment decisions. All data and market views reflect conditions at the time of writing and are subject to change.