Precious Metals Update

Gold is poised to advance further, backed by double bottom reversal off the trend-line support.

While it remains cautious of the bear leg off 689.00, expect further gains over 667.61, fib.618 level ahead of 675.78, fib.764.

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 657.20 and 652.40.

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 remains bullish and lurking for further gains since reversing off 1161.0 and 1170.5, Mar 5/Mar 6 lows.

Backed by bullish momentum, the break of 1238.0 sets up further recovery up-leg on rising uptrend channel to unlock 1254.0 and 1255.5, Feb 28 top.

Meanwhile, near term support stays firm as long as rising trend-line at 1220.4 holds, ahead of foothold at 1215.9/1209.0.