After 13 hours of discussing, the eurozone finance ministers finally approved another substantial loan to Greece (130B euro) under tough austerity conditions. Now Greece will manage to avoid a default in March. The target is the 121% debt-to-GDP ratio by 2020. Moreover, Greece will soon get 100B of its debt written down.
Germany’s central bank expects the national economy to recover its manufacturing production this year due to higher consumer demand.
According to the recent survey conducted by Bloomberg among Indian jewelers, businessmen and analysts, India’s gold import may shrink by 7% down to 900 tons this year, mainly due to higher prices.
The Hong Kong exchange wants to purchase the London Mercantile Exchange (LME), which accounts for 80% of all the transactions in the global market of metal futures.
According to the Department of Commodity Trading of , today gold may well resume its rally. The closest target is 1750, and maybe 1760. Once an H1 bar closes below 1733, it will trigger the bearish scenario. The targets are 1724, 1719.
As for silver, the closest level of support is 33.5. The closest levels of resistance are 34.0 and 34.25. Once an H1 bar closes below 33.5, the price may test 33.4 and 33.2.
