Investors became concerned about the eurozone crisis once again after Spain increased its budget deficit forecast for 2012. Spanish T-bond yield rose on the negative news. Today Germany, France (and the eurozone on the whole) are to reveal their business activity and retail sales stats. They well may become.
This week Greece should complete its bond swap in order to get another tranche from the EU/ECB/IMF on time.
As expected, the Chinese Prime Minister made a speech, during which he downgraded the forecast for China’s economic growth in 2012 down to 7.5%. He promised to improve the consumption policy. According to him, the slowdown will be compensated by social reforms.
The US-Israeli talks over Iran’s nuclear program will go on today in Washington.
A week ago the inflow of capital in commodities increased $833M. $506M of it was invested in precious metals.
The expert team of Deutsche Bank assumes that metals, including gold and aluminum, are subject to speculations to a much greater extent than other commodities.
According to the Department of Commodity trading of , if an H1 bar closes below 1710, it will make gold depreciate down to 1700 and maybe even 1670. Otherwise, the prie may rally up to 1726, 1750, 1757.
