Precious Metals Update

Gold retains positive tone in the near term and continues to edge higher on rebound from the trend-line support.

While it remains wary of the bear leg off 689.00, recovery move has to overcome 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 sours for 620.40, Jan 17 low and 602.20, Jan 5 low.

Silver extends near term gains on respite off 12.605 last Wednesday's low which keep the bears sidelined for now.

However, further gains are likely to face tough resistance at 13.690, former support level.

Meanwhile, support zone is located at 13.060 Monday's low and only a violation of 12.605 risks 12.420 ahead of 12.109, 50% of 9.470 to 14.748 advance.