Precious Metals Update

Gold surged higher to 635.70, Thursday high, confirming a trend reversal from 612.17, Dec 18 low.

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

Intraday dips should stall above 629.60, Tuesday's high and only a loss of 620.75, Monday's low resumes bear leg towards 612.17 hammer low.

Silver continues to extend gains from the base at 12.315/12.356, Dec 18 and Dec 19 lows.

Look to buy dips above 12.635, Tuesday low. for an eventual clearance of 13.006, Dec 18 high.

Over there projects 13.255, 50% retracement of 14.195-12.315 decline, before capping for corrective dips.

Relapse of 12.395, however, reinstates bear leg towards 12.315 with a potential of a fall to 11.965, Oct 31 low and 11.899, fib.618 retracement of 10.480 to 14.195.

Platinum recovers off 1096.5 and 1097.5, Dec 7/Dec 18 lows.

Dips on pullback in the momentum indicators stalled above 1104.8, Dec 18 former high.

Expect fresh bull leg to 1130.5, Tuesday high, and 1139.5, Nov 17 low.

Above 1139.5 reinforces double bottom reversal to 1154.0, trend-line resistance, and 1164.0, Dec 5 high.

Under 1096.5 risks 1083.5, Nov 1 low instead.