Another Euro summit in Brussels is underway. The participants are discussing the balance between austerity and economic growth. The UK, France and Italy want economic growth while Germany and Finland insist on observing austerity and budget rules.
Today Spin is expected to reveal its public spending project, with the deficit target being equal to 5.3-5.5% instead of 4.4%.
Some Japanese parliamentarians want the Bank of Japan to support the inflation growth up to 2% instead of 1% and to make further quantitative easing steps.
The situation around Iran keeps escalating. Israel want the USA to deploy its troops in the region if the sanctions are not effective. The US-Israeli summit will take place on March 5th. There are rumors that the USA and Israel consider the possibility of joint strikes on Iran’s nuclear sites. Today Iran is holding parliamentary elections amid poorer economic conditions due to the oil embargo.
According to the Department of Commodity Trading of , gold may depreciate down to 1710, 1700 if an h1 bar closes below 1720. A break and consolidation above 1724 will give way to a rally up to 1750, 1757.
Silver may also keep depreciating down to 35-34.90, and maybe 34.65, 34.5, if an h1 bar closes below 35.35. On consolidating above 35.67 the price may rally further up to 36-36.10.
