Precious Metals Update

Silver is holding above the hourly base at 12.315/12.356 for the time being while oversold indicators continue to unwind. Current rebound is limited below 12.765, Nov 21 former low and renewed downside pressure will unlock 12.315 ahead of a test on 11.965, Oct 31 pivotal low. Sustained break of 13.006, Dec 18 high offsets bearish pressure.

Platinum spiked higher above trend-line off 1136.5, Dec 6 high but remains capped below 1130.0 congestion area. The overall bear trend is still in force which favours an eventual pullback towards 1096.5, Dec 7 low and 1083.5, Nov 1 low. Above 1130.5, Dec 7 high confirms strength towards 1164.0, Dec 5 high.