Yuriy Ukazkin
Over 80% of the bondholders have agreed to participate in the Greek bond swap. This means that this time Greece have managed to avoid a default.
Yesterday the ECB published its forecast for the eurozone GDP growth. It is expected to decline by 0.1%. The rate of inflation is expected to reach 2.4%. Germany is to publish its export report today.
China’s inflation reached the lowest level in 20 months – 3.2%. Investors anticipate further economic stimulation by the People’s Bank of China.
Amid yesterday’s growth in the market of gold, Hong Kong dealers showed lower demand for gold after the price reached 1700. Today’s US employment report may increase the market volatility.
According to the Commodity Trading Department of , if gold consolidates above 1709 it will continue the rally. Otherwise, it will keep trading in the price range. Once an H1 bar closes below 1700 it will trigger the downward scenario with probable targets around 1698,1690, 1685, 1680.
As for silver, if the price consolidates below 33.86, it may go down to 33.75, 33.50, 33.25. Otherwise, the downtrend may be resumed. Once the price consolidates above 34.15, it will activate the upward scenario with probable targets around 34.25, 34.50, 34.60.
Yuriy Ukazkin
