Precious Metals Update

Gold retains bullish bias on its recent surge above 620.00, signaling firmer gains towards 630.75, Jan 4 high.

Watch out for former trend-line support at 634.90 and only a break there clears way for 641.25, bear trend-line resistance and 645.00, Jan 3 key resistance.

Dips should hold above 616.10 to keep the up-leg intact.

Relapse of last Friday's low at 610.00, however, threatens 607.07 and 602.20, Jan 5 low.

Silver cleared 12.950, bear trend-line off 14.195, Dec 5 high, and bullish momentum indicators are set to rise further.

Hence, expect next break of 13.000 to sustain latest up-move towards 13.200 Jan 3 high.

Former congestion between Jan 5 high at 12.750 and 11 Jan high at 12.535, will contain dips for now.