Gold steadied at around $1,235 on Wednesday. Many Fed policymakers said it may be appropriate to raise interest rates "fairly soon" should jobs and inflation data come in line with expectations, minutes of their Jan. 31-Feb. 1 policy meeting showed. The minutes also showed that the central bank has ample time to deal with higher inflation , but the risk is low as believed by many policymakers. The dollar shifted lower as the statement reduced expectations of a hike next month, providing a floor to gold. Investors were also looking ahead to an address by U.S. President Donald Trump to Congress next week at which he is expected to announce tax policies.
On technical front, we maintained our view that gold would remain rangebound between the 100-day and the 200-day moving average. The momentum in the MACD  continued to contract, indicating higher likelihood for a consolidation.
Silver tracked gold, lingering above the 200-day moving average in a tight range as investors awaited more clues on fundamentals. If gold pulls back, silver would find support at the 100-day moving average of $17.10. Investors shall cautiously take two-way trading when that happens.

 
Dealing Room, ICBC Beijing Branch
Cheng Yu

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