Gold Update

Spot gold holds at $658.10/oz after trading in a $653.40/$660.60 range.

At current levels, the precious metal is a bit above the March 9 high at $658, seen after the commodity/equity purge low at $633.30 on March 6.

Gold still needs to vault the $665 breakdown high seen March 2 before it can revisit the $688/$689 highs from late Feb.

$656/$661 is a tough resistance zone, a break above should see a swift move to higher levels as recent shorts are forced to cover.