2025-08-15 Sing Pao's Column《真金白銀》(English translation) Gold Consolidates Amid Uncertainty, Awaiting Breakout

Gold Consolidates Amid Uncertainty, Awaiting Breakout

On Thursday (August 14), gold rebounded to around USD 3,370 per ounce during early trading, supported by a weakening U.S. dollar and falling Treasury yields. The 10-year U.S. Treasury yield declined by 1.2% to approximately 4.26%, lowering the opportunity cost of holding non-interest-bearing assets and enhancing gold’s appeal. Meanwhile, soft U.S. inflation data further strengthened expectations for a Fed rate cut in September, with growing bets on additional easing later this year. Markets are now turning their attention to key U.S. data due later this week, including the Producer Price Index (PPI), initial jobless claims, and retail sales.

Geopolitically, European and Ukrainian leaders are set to meet with former President Trump ahead of his scheduled talks with Russian President Putin. Additionally, the U.S. and China have agreed to extend their tariff truce by 90 days, offering a temporary sense of stability to the markets.

Technical Outlook for Gold

On the daily chart, gold remains capped near the flat 20-day Simple Moving Average (SMA) at USD 3,368, with no clear breakout. The 14-day Relative Strength Index (RSI) fluctuates within the 40–60 range, signaling investor indecision. The 100-day and 200-day SMAs maintain upward slopes, slightly limiting downside risk. Technical indicators remain neutral but slightly tilted upward—still insufficient to confirm a fresh bullish move.

On the 4-hour chart, failure to hold above the 20-day SMA suggests buyer momentum remains weak and directionless. Immediate support lies between USD 3,342 and USD 3,348, where prices found a floor earlier this week. Resistance is seen near USD 3,385, keeping gold confined within a consolidation range for now.

Silver Technicals

Silver is trading near USD 38.20, facing resistance at a descending trendline. After multiple rebounds from the key 200-hour SMA, the setup suggests a foundation for short-term gains. The next resistance is around USD 38.70, with a potential extension toward the psychological USD 39.00 level if broken.

On the downside, support is seen near USD 37.30. A break below the USD 37.00 threshold may shift momentum toward the bears and open the door for a retest of last week’s low around USD 36.20.

Cryptocurrency Highlights

Bitcoin (BTC) continues to consolidate near the USD 120,000 level, with no decisive breakout yet. Meanwhile, attention has shifted toward other major blockchains, notably Ethereum (ETH) and Solana (SOL).

ETH is nearing USD 4,700—close to its historical peak—and has unusually surpassed BTC in spot trading volume on major exchanges. This shift suggests growing investor optimism toward Ethereum’s long-term ecosystem. As ETH narrows its market cap gap with BTC, it retains considerable upside potential.

SOL has also reclaimed the USD 200 level, driven by renewed institutional inflows. Over the past few weeks, crypto reserve companies have reportedly raised and deployed billions of dollars into digital assets, injecting significant liquidity and fueling the next leg of the rally. Disclaimer:

The content of this column is for informational purposes only and does not constitute investment advice or an offer to buy or sell any financial products. Investing involves risks. Readers should carefully evaluate their own circumstances and seek independent professional advice before making any investment.