Gold rose in a choppy trade on Thursday, as investors took the opportunity to buy bullion as a hedge against political uncertainty in the United States and Europe. Earlier in the session, bullion was subdued by U.S. residential construction and employment data showing that the economy continued to rebound. The yellow metal closed the day at $1,238.91 an ounce after rebounding to a one-week high of $1,242.33.
On technical front, gold failed to cross over the resistance of $1,240 at the close. But the MACD and momentum index continued to show solid upward momentum. Gold is expected to come near the 200-day moving average of $1,260 if it could breach above the February peak of $1,245. The support remained at the 100-day moving average of $1,212.
Silver tracked gold, closing in the positive territory in volatile and holding above the key mark of $18 an ounce. On chart, silver had been extending gains since early February with multiple technical indicators pointing to a bullish tone. The white metal is expected to find resistance and support at $18.6 and the 200-day moving average of $17.90 respectively.

 
Dealing Room, ICBC Beijing Branch
Yang Hui

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.