Precious Metals Update

Gold remains pressured on recent pullback from the key bear trend extended off 676.35, Jul 17 top.

The fall off 645.00 Wednesday's high broke 624.10, a key bull trend off 612.17, Dec 18 low and that signals deeper setback to 618.20, Dec 21 low before testing 612.17 pivotal low.

Resistance zone near 627.00, Dec 26 former low and 630.75, Jan 4 high, will cap for now.

Over 636.50 confirms renewed strength to 650.20.

Silver pulled back sharply from Wednesday's bearish engulfing high at 13.200, before stalling temporarily at 12.415, Thursday's low.

While resistance near Thursday's high at 12.837 stays intact, expect retest on 12.395 and 12.315 and failure to hold there exposes 11.965, Oct 31 low and 11.899, fib.618 of 10.480 to 14.195 advance.

Platinum is holding within the channel support near 1115.9 after being rejected off 1141.0 top.

While the overbought momentum look set to unwind, there is an increasing risks of losing the channel support for 1108.0, Dec 28 low and 1096.5, Dec 7 hammer low.

Beneath there bodes ill setback towards 1083.5, Nov 1 low and 1073.0, Oct 31 low.

A clearance of 1143.8 channel top, however, confirms a broader recovery towards 1164.0, Dec 5 top.