I. Precious Metals
Gold
Gold hit a five-month high on Friday after U.S. jobs data dampened expectations that the U.S. Federal Reserve will raise interest rates, but the metal gave up most gains as the dollar rose and safe haven demand ebbed. Gold was also underpinned by investors looking for safety after the United States fired cruise missiles at a Syrian air base, escalating tensions with Russia and Iran. Later in the session, however, safe haven demand faded and the dollar index climbed to three-week highs. U.S. employers added the fewest number of workers in 10 months in March, boosting gold, which is most attractive to investors in a low interest rate environment. Spot gold rose 0.2 percent to $1,253.71 an ounce after touching its highest since Nov. 10 at $1,270.46, putting it on track for a fourth consecutive week of gains. U.S. gold futures climbed 0.3 percent to settle at $1,257.30 an ounce.
On technical front, gold crossed over the 200-day moving average and tested the resistance of $1,264, the highest since February 28. If it could hold above $1,260, further rally can be expected.

Silver
Spot silver fell 1.4 percent to $17.97 an ounce, after touching $18.47, the highest since Feb. 27. It was on track for its first weekly loss in four. Technically, silver fell below the 200-day moving average, on track to form a M-top pattern. It is expected to fall in the medium term. But in near term, a rebound is likely as sharp losses could trigger some profit-taking and bargain-hunting. The resistance and support can be found at $18.24 and $17.9215 respectively.

II. Commodities
Crude Oil
Oil prices rose on Friday, trading near a one-month high and closing the week up 3 percent after the United States fired missiles at a Syrian government air base, raising concern that the conflict could spread in the oil-rich region. The toughest U.S. action yet in Syria's six-year-old civil war has heightened geopolitical uncertainty in the Middle East. This supported oil futures, along with signs of higher U.S. Demand. The market shrugged off a report showing U.S. drillers added oil rigs for a 12th straight week to cash in on a recovery in crude prices. Oil drillers increased the number of active oil rigs by 10, according to Baker Hughes. Although Syria is not a major oil producer, any escalation of the conflict feeds fears about oil supplies due to the country's location and alliances with big oil producers in the region. Brent crude futures settled up 35 cents at $55.24. Brent reached a session high of $56.08, the highest since March 7, shortly after the U.S. missile strike was announced. For the week, Brent was up 4.4 percent. U.S. West Texas Intermediate (WTI) crude futures were up 54 cents at $52.24 a barrel, off the session high of $52.94. U.S. economic data pressured prices. In bearish news, non-OPEC producer Kazakhstan raised production last month despite its pledge to cut output by 20,000 barrels per day in the first half of 2017. Preliminary government data showed a 2 percent month-on-month rise in March.
On technical front, prices crossed above the 50-day moving average of $51.47, fueling bullish sentiment. Oil is expected to consolidate before testing $53 due to recent sharp gains. Investors can buy on dips.

Copper
Copper fell on Friday after a U.S. missile strike on Syria prompted investors to move out of riskier assets while the biggest sell-off in Chinese steel futures in two months spilled over into industrial metals. Base metals were on the defensive following falls in the previous session. Three-month copper on the London Metal Exchange closed down 0.4 percent at $5,834 a tonne, ending the week barely changed.
On technical front, copper dipped below key technical support at its 100-day moving average of $5,797 earlier in the session. The discount of LME cash copper to the three-month contract was at $32 a tonne, close to the biggest in four years, indicating adequate supply of refined metal in the market.

Soybean
U.S. soybeans closed narrowly mixed on Friday, holding above multi-month lows hit this week. CBOT May soybeans rose 1/2 cent to $9.42 a bushel. For the week, it ended down 4 cents or 0.4 percent, posting a fifth weekly decline. The U.S. Department of Agriculture is scheduled to release its monthly supply/demand report on Tuesday, and analysts surveyed expect the government to raise its estimates of 2016/17 soybean ending stocks. Brazil's 2016/2017 crop forecast was raised to 111.6 million tonnes from the 107 million tonnes seen in March, according to a statement on Friday from agricultural consultancy firm AgRural. Soybean futures found some support earlier this week after rain threatened to disrupt the harvest in key supplier Argentina. Prices are expected to consolidate at this level in near term before fundamentals see big changes.

Dealing Room, ICBC Beijing Branch
Huang Han