Spot gold extended gains for the fourth consecutive day, up 0.06 percent at $1,286.84 an ounce, having earlier hit its strongest since early November at $1,288.64 an ounce. Gold prices eased from highs on Thursday as the dollar rebounded from a slide triggered by comments from U.S. President Donald Trump that the greenback was too strong and that he would prefer the Federal Reserve keep interest rates low. The metal was pushed up on geopolitical tensions, on track for its biggest weekly gain since June. We think that gold prices could fall back in the near term if tensions cool. Despite sending a naval force to the Korean peninsula, the Trump administration is focusing its North Korea strategy on tougher economic sanctions, possibly including an oil embargo, banning its airline, intercepting cargo ships and punishing Chinese banks doing business with Pyongyang. U.S. forces in Afghanistan on Thursday struck the largest non-nuclear weapon ever used in combat by the U.S. military, escalating tensions in Syria and North Korea. U.S. market will be closed on Friday for the long Easter holiday weekend.
On technical front, gold retains steam to test the key mark of $1,300, but is less likely to extend its winning steak as yesterday’s gains were almost erased. The resistance at $1,300 is heavy.
Silver was up 0.3 percent at $18.52, off a five-month high of $18.599 earlier in the session. On chart, the metal is still supported by the 50-week moving average with the medium-term resistance at $18.50. The weekly MACD shows prices would steady at highs. Silver is expected to rise in the medium and longer term boosted by a golden cross if it could cross over the resistance range between $18.50 to $18.80 on weekly chart.

 
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