Precious Metals FUTURES Update

Yesterday Gold looking at the April contracts fell to 653 level and was bought back with volumes, aiming towards recent highs at $667,10/oz and printed a $666,10/oz high as Oil rallied and pressed through $60/bbl causing some short covering.

The upward movement continued initially overnight in Asia testing same levels once more. Current resistance levels above 667 seem to hold for now and there could be room for a correction to the supports at $660,50/oz in the short term.

In the medium Term we keep a bullish stance after yesterday’s move and we are aiming for the $676/oz, levels not seen since August last year.
Due to the volatility and current outlook with tight correlations to the energy markets we prefer to buy April contracts on dips towards 660- 661 support areas for a test and eventual break of resistance.

Silver broke resistance at 13,90 this morning and are currently fighting the levels backdating to early December just above $14/oz.
Silver has been holding up well despite the poor performance on Copper lately.

The March Copper contracts finally rejected an attempt to break recent lows at 238,50 cents/lb and recovered 10 cents towards 248,50 resistance but the long term down trend is still intact .
Intra day range 249/245.