2025-11-07 Sing Pao's Column《真金白銀》(English translation) Gold Struggles Below Key Resistance

Gold Struggles Below Key Resistance

Gold prices remain under pressure amid a tug-of-war between haven demand and strong economic data. On Wednesday (Nov 5), gold climbed over 1% to an intraday high of $3,990, but failed to reclaim the psychologically significant $4,000 mark. Although safe-haven flows and bargain hunting provided some support, stronger-than-expected U.S. ADP employment and ISM non-manufacturing data cooled rate cut expectations for December. The U.S. Dollar Index hit a 5-month high, and Treasury yields surged to a one-month peak, dampening bullish momentum in the gold market.

Technically, gold remains capped below key moving averages on the 4-hour chart. The RSI sits near 41, suggesting sellers still dominate. Resistance lies between the 200-period SMA ($3,988) and the 20-period SMA ($4,002). A sustained breakout above $4,088 would be needed to revive bullish momentum. Failing that, gold could revisit dynamic support zones around $3,915 and $3,883.

Silver, meanwhile, snapped a three-day losing streak on Wednesday, rebounding from $46.90 to $48 as risk-off sentiment sparked safe-haven demand. Silver is currently range-bound between $45.85 and $49.35. A break above the $50.4–$50.6 resistance zone could open the door for further upside. On the downside, failure to hold $47.00 or $45.85 may lead to deeper retracements, with $43.80—aligned with the 61% Fibonacci level—acting as a possible next support.

In the crypto space, investor sentiment remains fragile. U.S.-listed spot Bitcoin and Ethereum ETFs saw $800 million in net outflows on Tuesday, as institutional investors de-risk amid recent volatility. Bitcoin is approaching its 21-week SMA—a key historical reversal point—but capital inflows have slowed. While current price action reflects a technical correction, the washout of leveraged positions may pave the way for healthier long-term growth. ETF flows will be a critical signal for any resurgence in crypto market liquidity.

Disclaimer: This column is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell financial products. Investment involves risks. Readers should carefully assess their own situation and seek independent professional advice before making any investment decisions.