Gold
Gold prices recovered on Thursday from the more than one-week low they had reached overnight, with support from the key mark of $1,280.
News front, Politico reported that President Donald Trump was favoring Powell among a handful of candidates he has recently vetted. Powell, recommended to the president by Treasury Secretary Steven Mnuchin, is seen as less hawkish than Stanford economist John Taylor and former Fed Governor Kevin Warsh. Market strategists say Powell is more inclined to keep interest rates at low, which will lower the dollar’s value to investors.
The number of Americans filing for unemployment benefits dropped more than expected. But the upbeat data failed to provide much support to the U.S. currency. The dollar index further weakened, lifting bullion prices.
Technical front, gold was supported at the 100-day moving average of $1,280 that still retain its steam, although at a slower pace, suggesting upward momentum in coming sessions. The MACD index also points to a bullish sign. Further gains can be expected if gold could hold above the 50-day moving average of $1,300 in the near term.

Silver
Silver regained the ground of the 50-day and 200-day moving average, suggesting strong momentum in the near term. Technically, its support remained on track with its bottom rising, pointing to retaining steam.
In the near term, investors shall closely watch the movement at $16.50. In case of breach, investors shall square their long positions. The resistance can be found at previous highs at $17.50. We maintained our view that silver will keep testing the key mark of $18.

 
Dealing Room, ICBC Beijing Branch
Cheng Yu

Note: The information herein is provided for informational purpose only. You are liable for the risk incurred to the investments based on this information provided herein.