I. Precious Metals
Gold
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
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.

II. Commodities
Crude Oil
Oil prices rose more than 2 percent on Friday on expectations that Members of the Organization of the Petroleum Exporting Countries and some other producing countries including Russia will meet in Vienna this weekend to establish a mechanism to verify compliance with a global output cut deal. But rising U.S. drilling activity limited gains.

Copper
Copper prices rose on Friday as the dollar slipped, but gains were capped by weak investment and industrial production data from top consumer China, fuelling worries about demand. Benchmark copper on the London Metal Exchange closed 0.2 percent up at $5,748 a tonne but is on course for its first weekly loss since before the Christmas break.

Soybean
Chicago soybeans slid on Friday as investors cashed in profits below this week's six-month high. The Chicago Board Of Trade soybean contract for March delivery was down 2-3/4 cents at $10.67-1/2 a bushel. CBOT March soymeal was up $0.5 at $348.7 a tonne, boosted by strong soymeal export report last week. CBOT March soyoil sagged 0.29 cents at 35.15 cents, pressured by soymeal/soyoil swap trade and falling Malaysian palm oil.

Dealing Room, ICBC Beijing Branch
Yang Hui