Gold

Gold prices hovered above a four-month low on Friday and were on track for their biggest weekly fall since May after progress on U.S. tax reform fueled optimism about the U.S. economy and boosted the dollar. Stronger-than-expected U.S. employment data on Friday also demonstrated healthy economic growth and suggested the Federal Reserve will raise interest rates next week, as expected. Spot gold was up 0.1 percent at $1,247.81 an ounce.
Gold's luster was tarnished amid geopolitical tensions, not only by its failure to react at all positively to Trump's contentious Jerusalem announcement but also to the tensions in North Korea.

Bullion stabilized somewhat on Friday, helped by technical rebound and weak earnings in the U.S. employment report with bulls now pinning their hopes on a dovish hike by the Federal Reserve next week. The U.S. Fed is expected next week to announce three rises in interest rates next year. After the employment report, the dollar extended gains to the fifth day, and Wall Street was boosted.

Silver

Silver was up 0.5 percent at $15.81 but down nearly 4 percent this week. It slipped to the key support of $15.6, a medium-term crossroad.

On technical front, silver breached below the lower band in December 2016 and July 2017, but steadied and rebounded from $15.6, a psychological support. In case that the level is crossed below, silver is expected to fall to $14.8 to $15 and with limited rebounding steam.

 
Dealing Room, ICBC Beijing Branch
                       Lv Yan

                                  
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