Precious Metals Update

Gold bulls sidelined as momentum indicators continue to unwind lower.

Tightly capped below 689.00 high and 673.00 former low, and risks fall to 656.40 Feb 21 low.

Beneath there exposes 648.00 ahead of 641.10, which should hold for bull leg resumption off 602.20 Jan 5 low.

Return above 685.00 instead triggers upswing to 692.27, projection target and 694.60 high.

Silver fell hard to 13.426 Thursday's low on pullback off Tuesday's high at 14.710, delaying the longer term bull trend for now.

Beneath 13.690, Feb 20 low, which is near former trend-line resistance off 15.240 May 2006 top, suggests further fall towards 13.400 zone.

Only a break of 14.410 Wednesday's high confirms strength over 14.710 and 14.748 key resistance level.