Gold
Gold fell for a third straight session on Wednesday, seeking support from $1,280, on pressure from the U.S. dollar's gains for much of the session and amid speculation that the next chair of the Federal Reserve could be a policy hawk. As many as five people are in the running to be the next Fed chair. This will be the driving force in coming sessions.
Technical front, we maintained our view. Gold still remains at the upper end of its previous trading range despite of yesterday’s decline. The support at $1,260 shall be closely watched. In case that the support is breached, investors shall square their long positions to stop loss.

Silver
Silver failed to generate an independent trend, tracking gold down to form a cross-star pattern on chart. Technically, silver is seeking support from the 100-day moving average. Back to the mid-band of its previous trading range, the movement around $16.5 shall be closely watched. In case of breach, investors shall square their long positions. As the 100-day moving average kept on track, investors are recommended to hold their long positions.

 
Dealing Room, ICBC Beijing Branch
Cheng Yu

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