Gold
Gold rose to its highest in nearly four weeks on Friday. On technical front, it failed to break away from previous trading range at $1,260, showing limited upward momentum. On fundamentals, political uncertainty led investors to favor bullion over assets considered riskier such as stocks. Leaders of the world's rich nations face difficult talks with Donald Trump at a G7 summit in Sicily on Friday after the U.S. president lambasted NATO allies and condemned German trade policies a day earlier. Uncertainty in the markets in general supports gold. The dollar index remained at bottom, providing a floor to gold. Technically, gold steadied at the 50-day moving average, with support at the 200-day moving average. Gold is expected to test $1,280 in near term.

Silver
Silver tracked gold, up to the upper bollinger band. A successful breakthrough could open up an upward space. But the 50-day, 100-day and 200-day will weigh on silver. Its performance need to be driven by gold.

 
Dealing Room, ICBC Beijing Branch
Cheng Yu

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