Gold was up 0.5 percent at $1,211.30 an ounce on Friday, as the dollar fell and U.S. Treasury yields came off their highs after Donald Trump’s inaugural address that was a populist and nationalist rallying cry, prompting investor concern about protectionist trade policies. In the week, gold climbed for the fourth consecutive week with strong support at $1,200. Trump’s remark on a too strong dollar and market concerns over trade protectionism are expected to keep underpinning bullion in coming sessions.
On technical front, gold is in the upward path with multiple technical indicators pointing a bullish tone. We maintain our view that the yellow metal would find support at $1,180, and resistance at the 50 percent Fibonacci retracement of $1,230 since last November.
Silver rebounded modestly. On chart, a long lower shadow line suggests strong support between $16.9 to $17 an ounce. While in the upward path, its momentum is weak.

Dealing Room, ICBC Beijing Branch
Yang Hui

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