Precious Metals update

Gold is gaining momentum to edge higher on the back of double bottom reversal off the trend-line support.

Retracing the pullback from 689.00, Feb 27 high, expect further gains over 668.90 ahead of 675.78, fib.764 level.

Sustained break there bodes well for 677.60, Feb 28 high before extending bull leg to 689.00, Feb 27 trend top.

Support zone at 658.25 and 655.50. Under 652.40 risks deeper fall to trend-line support levels near 643.53 and 637.99.

Silver is likely to continue near term gains on respite off 12.605 Mar 14 low which keep the bears at bay for now.

However, further gains are likely to face tough resistance at 13.690, former support level.

Meanwhile, support zone is located at 13.155 Mar 20 low and a violation of 12.605 risks 12.420 Mar 5 low, ahead of 12.109, 50% of 9.470 to 14.748 advance.