Precious Metals Update

Gold looks positive as the recent bear leg off 689.00 sizzled out ahead of support zone bounded by 630.65, trend-line support and 624.57, 50% retracement of 560.13 to 689.00 rally.

While positive momentum is seen heading higher, rebound from 633.10 Mar 6 low signals recovery over 664.25, Mar 2 high and 677.60 Feb 28 corrective high, before resuming bull leg towards recent high at 689.00, Feb 27 trend top.

Silver has managed to contain its recent pullback off Feb 26 high at 14.748, above 12.420 Mar 5 low.

Subsequent respite off 12.610 Mar 6 low signals a possible trend reversal on rising momentum.

Hence, expect renew up-leg towards 13.150, Mar 8 high ahead of 13.740, Mar 2 high which it may face some resistance there.

Beyond there ignites an eventual test on 14.335, Mar 1 high. Beneath 12.610, however, sours for a break of 12.420 ahead of 12.064.