Last week the IMF approved another €28B loan to Greece and warned that the country had no chances of evading from economic reforms.
India, the worlds’ major buyer of gold bullions, has raised the gold import duties for the second time this year due to the worsening running-account surplus caused by lower export.
The latest data on the US inflation confirm the revival of the retail market. However, lower manufacturing production raises concerns.
According to the Commodity Trading Department of , the price of gold will have to consolidate above 1664 in order to resume its rally. In this case the closest targets are 1680, 1688. If an H1 bar fails to close above 1664 but closes below 1656, the price may decline down to 1650-1647 and even 1630-1625.
As for silver, if the price consolidates below 32.75, it will trigger an rally up to 33, 33.25, probably 33.50. The bearish scenario holds true until then. It will intensify if an H1 bar closes below 32.60 The closest targets are 32.3, 32.0, 31.75, 31.625.
