Precious Metals FUTURES Update

Precious metals continue upwards and on, with the market highs being broken this morning in Gold and Silver, with help from a strengthening euro.

Much of the upside from yesterday's trade came from speculative institutional buying and also bid up by the rally in Crude supporting much of the general commodity complex.
Although we are slightly bearish on Crude, we will remain bullish on precious metals, against dollar weakness.

A break of the highs in April 07 Gold sets up for a move towards the 696.00 level.
This morning we have already seen a short squeeze up through the highs, however we anticipate that we will re-test the highs in the US main session, hopefully providing for greater or more substantial volumes to drive the market forward.

Expect Silver to track Gold.