Precious Metals Update

Gold's shooting star top at 654.60 Jan 25 high coupled with bearish candle off 648.00 Monday's high signals completion of up-leg off 602.20 Jan 5 low.
Weighed down by falling momentum, losses beneath 639.25 Jan 24 low will expose 633.70 Jan 23 low.
Further loss of 626.93 Jan 18 low negates potential bull leg over Aug 2006 resistances at 655.00 and 656.20.

Silver's deep bearish candle close off 13.425 Monday's high confirms near term pullback from 13.535 Jan 25 shoot star top.
Along with falling momentum, expect corrective dips to former resistance at 12.955/12.965 ahead of 12.880 Jan 23 low, which should hold.
Rebound from there will resume bull trend on rising lows formation for gains to 13.845 and 13.995, Dec 2006 resistance zone.