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Gold Update

Gold continues to extend gains following the fact that channel support held a few weeks back.

The metal is likely to maintain a positive outlook and continued gains would open 677.60, Feb 28 high and if this level gives way, would open 689.00, the Feb 27 high.

Note that the channel resistance is located at 706.08 while support is at 642.39 and these two points mark the key medium-term boundaries.

Initial support is at 655.50, and should hold near-term if the current positive outlook is to be maintained.

Momentum has improved and continues to offer a positive backdrop.

Gold Update

Gold Update
1st Support lies at 668.64
2nd Support lies at 661.13

1st Resistance lies at 677.50
2nd Resistance lies at 687.35

Market Update

RBA held rates steady today, but a chance of a future rate hike is still very likely.

The market is currently pricing 12-13 bp for the May meeting.

CPI reading in late April will be a key oindicator to the RBA.

BoJ's Mutu hit wires in Asia saying that rate adjustments will be gradual and prolonging low rates may hamper growth. Standard comments but USDJPY remain bid. We look for a break in Europe of 119.00 to send the pair for test of the 120.00 level.

European stocks back on track and is bound to test the highs from February, presently at 7,040 in DAX.

Gold Futures Update

Comex gold has a softer tone in the early going, dragged down in part by a decline in crude oil, There are thoughts that the Iran-U.K. standoff might be resolved.

June gold is down $2.30 to $669.20.
The area around $663 will be key support.

Precious metals update

Gold manage to hold Monday's dips near 655.50, Mar 23 low and stays positive for extension on the back of double bottom reversal off the trend-line support.

Latest bounce off 655.50 will pivot up-leg over 669.35, Mar 28 high ahead of resistance zone near 675.78, fib.764 level and 677.60, Feb 28 high.

Sustained break there projects 689.00, Feb 27 trend top.

Violation of 655.00 risks 644.20 Mar 15 low.

Silver turns cautious as it approaches key resistance at 13.690, former support level.

Yesterday's dips contained at 13.007 and the near term up-leg off 12.605 Mar 14 low stays intact.

Meanwhile, expect basing around 13.007 and 12.840.

Losing 12.840, however, sours for setback to 12.605 ahead of 12.420.

Upside breach of 13.690 will instead accelerate gains towards 13.740, Mar 2 high ahead of 14.000, preceding extension to 14.335, Mar 1 high.

Precious Metals Update

Gold manage to contain recent dips above 655.50, Mar 23 low and gaining momentum to extend up-leg on the back of double bottom reversal off the trend-line support.

Latest rebound above 655.50 will pivot next up-leg over 669.35, Mar 28 high ahead of resistance zone near 675.78, fib.764 level and 677.60, Feb 28 high.

Sustained break there will accelerate gains towards 689.00, Feb 27 trend top.

Silver remains firm in the near term on rebound from 12.605 Mar 14 low.

However, be cautious as it approaches key resistance level at 13.690, former support level.

Any pullback from there will test support zone near 13.155 and 13.000.

A break of 13.690, however, bodes well for firmer gains towards 13.740, Mar 2 high ahead of 14.000, preceding extension to 14.335, Mar 1 high.