Precious Metals Update

Gold is buoyant and continues its reversal from 612.17, Dec 18 low, for a clearance of 629.48, Tuesday's high.

Beyond there opens up 638.10, Dec 8 high, ahead of 641.10, Dec 6 high before testing the key trend-line resistance at 645.40.

Support above 618.20, Dec 21 low and only a loss there threatens fall under 612.17.

Silver is well supported above the base at 12.315/12.356, Dec 18 and Dec 19 lows, eyeing 13.006, Dec 18 high next.

Clearance there exposes 13.255, 50% retracement of 14.195 to 12.315 decline, before capping for corrective dips.

Relapse of 12.356, however, risks 11.965, Oct 31 low and 11.899, 61.8% retracement of 10.480 to 14.195 upmove.

Platinum pullback from Nov 21 top at 1402.5 may have ended at the 1096.5/1097.5, Dec 7 and Dec 18 double bottom.

Slow stochastics is likely to weaken, dips should stall near 1104.8, Dec 18 former high.

Bullish divergence on the MACD is signalling recovery underway.

Hence, expect clearance of 1130.5, Tuesday high ahead of 1139.5, Nov 17 low.

Over 1139.5 confirms double bottom reversal towards 1154.0, key trend-line resistance, preceding a test on 1164.0, Dec 5 high. Under 1096.5 sours for 1083.5, Nov 1 low and possibly 1073.0, Oct 31 low.