Precious Metals Update

Gold continues to stay above the rising moving average and trend-line support.

While it remains wary of the bear leg off 689.00, any recovery move has to overcome 658.10, Mar 9 high and 664.25, Mar 2 high, before relieving bearish pressure.

Only a sustained break there signals further gains to 677.60 Feb 28 high before resuming bull leg to 689.00, Feb 27 trend top.

Under 633.00, Mar 5 low, however, sours for fall to 620.40, Jan 17 low ahead of 602.20, Jan 5 low.

Silver remains cautious below 13.690 former support from Feb 20.

Near term rebound on respite from 12.605 last Wednesday's low keep the bears at bay but further gains over 13.309, Fib.382 level is likely to face tough resistance at 13.690.

Violation of 12.605 risks 12.420 ahead of 12.109, 50% retracement of 9.470 to 14.748 advance.