Precious Metals Update

Gold stays positive and continues to base near 640.00 support zone.

As the bear leg off 689.00 stalled ahead of support zone bounded by 633.00, Mar 5 low and 624.57, 50% retracement of 560.13 to 689.00 rally, oversold momentum is poised to turn higher.

Expect pending 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 retains bullish bias and look to consolidate further at support zone near 12.610 Mar 6 low.

With the momentum indicators heading higher, expect renew up-leg towards 13.150, Mar 8 high ahead of 13.740, Mar 2 high which it may face some resistance there.

Beneath 12.610, however, sours for a test of 12.420 ahead of possible break to 12.064.