Ivan Zhigalov
The People’s Bank of China lowered the reserve requirements for Chinese banks, thus expanding their lending reserves by $57-64B. China’s economy is expected to grow by 8.2% in Q1 2012 against 8.9% in Q4 2011. China is trying to make some oil exporters (Russia, Middle East countries) agree to sell their oil for the Chinese Yuan.
Japan and China seem to be ready to help the eurozone resolve its debt crisis thought the IMF. In the meantime, Japan saw a record high balance-of-trade deficit in January. The export declined by 9.3% (y/y) while the import of energy carriers increased sharply. S&P confirmed Japan’s current sovereign rating with a negative forecast.
Today the eurozone minfins are expected to decide whether to provide Greece with another substantial loan.
In the meantime, a team of 5 UN experts arrived in Teheran yesterday to resume the nuclear talks. The visit is expected to last for 2 days.
Last week the inflow of new capital in the market of gold and silver reached $102M.
According to the Department of Commodity Trading of , today gold is ready to resume its rally. The closest target 1750. However, during the day, the price may test 1734, 1729, 1724.
As for silver, the closest level of support is 33.5. The closest levels of resistance are 34.0 and 34.25. If an H1 bar closes below 33.50, the price may test 33.40 and maybe 33.2.
Ivan Zhigalov
