Precious Metals Update

Gold stays above the rising moving average and trend-line support despite Wednesday's dip to 637.00 low.

Cautious of the bear leg off 689.00, recovery up-leg has to clear 658.10, Mar 9 high and 664.25, Mar 2 high, before relieving bearish pressure.

Beyond there bodes well for further gains to 677.60 Feb 28 high before resuming bull leg to 689.00, Feb 27 trend top.

Loss of 633.00, Mar 5 low sours for 624.57, 50% ret of 560.13 to 689.00 rally.

Silver downside risks stay intact below 13.690 former support from Feb 20.

The rebound from 12.605 Wednesday's low keep the down-leg at bay for now and gains over 13.150, Mar 8 high is likely to face resistance at 13.690.

Sustained break of 12.605, however, sours for a test of 12.420 ahead of possible break to 12.109, 50% retracement of 9.470 to 14.748 advance.