Precious Metals Update

Gold resumes bull leg off 656.40 Wednesday's low and is likely to extend the up-leg off 602.20 Jan 5 low beyond 682.49 Thursday high.

Expect a break there for further gains to 688.60 May 19, 2006 high and 692.27, projection target, preceding 694.60 high.

Immediate supports are located at 673.50 former high and 664.00 rising trend-line.

Beneath 656.40, however, risks 645.00 zone.

Silver recovers swiftly above the trend-line resistance off 15.240 May 2006 critical top and was followed by ascend to 14.355 Wednesday's high.

Former resistance at 14.100, Feb 14 high turns support to underpin further up-side to 14.525 May 15, 2006 high ahead of 15.080, May 12, 2006 high.

Under 13.690 Tuesday's low, however, offsets current bullish structure.