Gold fell more than 1 percent on Monday on cooling concerns over France’s exit from the European Union after Centrist Emmanuel Macron won the first round of the country's election. But the geopolitical risks in euro zone linger as Macron will compete with far-right candidate Marine Le Pen in the final run-off. Rising safe-haven sentiment on top of quick changes in their support and campaign activities may drive gold higher.
On chart, gold slid on Monday, but a long shadow ling showed strong support at $1,270. Bullion was expected to keep trading within previous range at highs with resistance at the key mark of $1,300.
Silver reversed the losing course and held around $17.93. If it could cross over the 200-day moving average of $18, silver is expected to see a round of rally in near term.

 
Dealing Room, ICBC Beijing Branch
Yang Hui

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