Some 69% of the bondholders have applied for the Greek bond swap so far. Today is the deadline. At least 75% of the bondholders should apply for the swap in order to prevent Greece form defaulting on its debt.
European economic stats confirm numerous problems. Germany’s manufacturing orders sharply declined in February. Today the ECB is to make its interest rate decision.
In the meantime, the US employment stats confirm steady growth.
Japan’s GDP shrunk in Q4 2011. In Q1 2012it is expected to increase by 1.5%.
Tomorrow China is expected to announce the lowest inflation rate and manufacturing production growth in 1.5 years. These expectations make investors anticipate another QE program by the People’s Bank of China.
Yesterday the markets were influenced by the rumors that the Fed Reserve is considering new kinds of quantitative easing in order to curb inflation. This made the US Dollar depreciate a little while gold and silver gained in value.
According to the Commodity Trading Department of , the closest levels of resistance for gold are 1698-1700, 1703-1705. If an H1 bar closes below 1683.5, this will increase the probability of going down to 1679-1675, 1650.
As for silver, if an H1 bar closes above 33.6, the price may test 34.75, 34.10-34.17. Otherwise silver may depreciate down to 33-32.90.
