As of today, some 20% of the holders of Greek bonds have applied for the bond swap. March 8th 2012 is the deadline. Until then at least 75% of the holders need to apply for the swap. Otherwise, Greece will default on its debt.
The latest stats show that the eurozone economy keeps experiencing numerous problems. France’s PMI declined while Germany’s PMI strengthened a little. The eurozone’s GDP report is scheduled for today.
At the same time, the US economic stats keep reassuring investors by indicating growth.
Amid pessimistic forecasts for China’s economic prospects and eurozone uncertainty, precious metals lost a bit of their value yesterday. However, tensions over Iran and higher demand for gold in Thailand and Indonesia support gold prices.
According to the Department of Commodity Trading of , today gold may test 1706-1710. If an H1 bar closes below 1704, it may trigger a downswing to 1690, 1670. Once the price consolidates above 1710, it may rally up to 1728, 1750, 1757.
As for silver, the closest levels of resistance are 34.10-34.17. Once the price fails to consolidate above them, it will confirm the bearish scenario (33.50, 33.0). On consolidating above those levels, the price will get an opportunity to rally up to 34.50, 34.85, 35.0.
