Precious Metals Update

Gold's shooting star top off 654.60 Thursday high signals possible completion of up-leg off 602.20 Jan 5 low.

Toppish momentum poised to unwind lower and risks pullback beneath former trend-line barrier at 642.23 for 639.25 Wednesday's low ahead of 633.70 Tuesday's low.

Only a break of 626.93 Jan 18 low negates the potential bull leg beyond Aug 2006 resistance zone at 655.00 and 656.20 for 659.65, Jul 14, 2006 low.

Silver is likely to be weighed down by 13.535 Thursday' shoot star top for corrective pullback to former resistance zone at 12.955/12.965 ahead of 12.880 Tuesday's low.

Expect rebound from there to resume bull leg along on the rising lows formation for a break of 13.535 preceding 13.692 Fib.764 level.