Precious Metals Update

Gold maintains near term bullish bias and continues to advance since bouncing off the trend-line support.

While it remains cautious of the bear leg off 689.00, recovery move has cleared 664.25, Mar 2 high which relieves bearish pressure.

Sustained break there signals gains to 677.60 Feb 28 high before resuming bull leg to 689.00, Feb 27 trend top. Support zone at 655.00 and 650.00.

Under 633.00, Mar 5 low sours for 620.40, Jan 17 low and 602.20, Jan 5 low.

Silver continues to extend 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.

Platinum stays positive and keen to extend further gains on strength on rebound off 1161.0 and 1170.5, Mar 5/Mar 6 lows.

Backed by bullish momentum, expect further recovery up-leg as it stays above former trend-line support.

Hence, expect bull leg resumption towards 1238.0, preceding a test on 1254.0 ahead of 1255.5, Feb 28 top. Support zone is located at 1215.9 and 1209.0 levels.