Gold reversed earlier looses to end higher on Wednesday after hitting a two-week low of $1,216.41 an ounce, shrugging off earlier pressure from stronger-than-forecast U.S. inflation and retail sales that buoyed the dollar index to an almost five-week peak and U.S. Treasury bond yields to a three-week high. But bullion rebounded as the dollar came off its highs on profit-taking after U.S. Federal Reserve Chair Janet Yellen offered no additional insight on the timing of the central bank's next rate hike.
On technical front, gold extended gains to the second consecutive day, but sremained within its previous trading range. The low under-shadow line suggested support of market bulls. Bullion could find support and resistance at the 100-day moving average of $1,213 and $1,245 respectively.
Silver were almost flat, failing to breach over the resistance of $18. With strong buying support, we maintain our view that silver would test the level of $18 again after a short-lived correction.

 
Dealing Room, ICBC Beijing Branch
Yang Hui

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