Precious Metals Update

Gold repelled off the bear trend from 676.35, Jul 17 top and the fall off 645.00 Wednesday's high is threatening the up-leg initiated off 612.17, Dec 18 low.

Expect a test on the trend-line support near 624.10 and a loss there ignites setback to 618.20, Dec 21 low before 612.17 pivotal low.

Resistances at 632.30, Dec 29 low and 636.50, Tuesday's low will cap for now. Beyond 636.50 confirms renewed strength to 650.20.

Silver pullback sharply from yesterday's bearish engulfing high at 13.200, before settling at 12.535 temporarily.

The up-move initiated from 12.315/12.356, Dec 18 and Dec 19 lows, is now at risks and tightly capped below 12.775 former low.

Expect retest on 12.395 and 12.315 and failure to hold exposes 11.965, Oct 31 low and 11.899, fib.618 of 10.480 to 14.195 advance.

Platinum is weakened on retreat from 1141.0 and 1129.5, Tuesday and Wednesday highs. While it is holding above the trend-line support near 1115.5, negative momentum indicators warn of another drop to 1108.0, Dec 28 low and 1096.5 and 1097.5, Dec 7/Dec 18 lows.

Beneath there bodes ill for 1083.5, Nov 1 low and 1073.0, Oct 31 low. Only a break of 1129.5 offsets pressure for gains over 1141.0 ahead of 1164.0 top.