Precious Metals Update

Gold is holding well above 627.60, Friday's low and resumes the up-leg off 620.40, Jan 17 low, backed by rising momentum.

Aims to unlock Jan 18 high at 636.60 before exposing bear trend-line resistance at 642.51 ahead of an eventual test on 645.00, Jan 3 key high.

Meanwhile, 627.60 will contain dips.

Under 620.40 sours for dips below 616.10, Jan 12 high.

Silver recovers off 12.635 Friday's low and poised to uncover 12.955, Thursday's high, ahead of 12.965, Jan 12 high.

Buoyed by higher lows formation at 12.390 and 12.320, Wednesday's low/12 Jan low, positive momentum bodes well for gains to 13.200, Jan 3 high, ahead of 13.381, Fib.618 level.

Support at 12.500 and losing 12.390 dampens positive tone.