Precious Metals Update

Gold hovers above the rising moving average and trend-line support.

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, however, sours for deeper fall to 620.40, Jan 17 low ahead of 602.20, Jan 5 low.

Silver bearish pressure stay intact below 13.690 former support from Feb 20.

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

Violation of 12.605, however, dampens for 12.420 ahead of 12.109, 50% retracement of 9.470 to 14.748 advance.