Today, on June 28th 2012, European leaders will start another EU summit to discuss the ways and means of resolving the continued eurozone crisis. The topic is especially crucial against the background of the latest news – Spain and Cyprus asked for financial support as well. The leaders will also try to find new ways of starting closer integration and reviving the economic growth.
In the meantime, the US core durable goods orders increased less than expected yesterday. The amount of mortgage claims declined sharply as compared to the previous month. However, pending home sales gained more than expected.
The demand for physical gold in Asia remains low. The premium slightly declined in Singapore down to $0.5-0.7 per ounce. In India, gold prices remain high because of the low Rupee exchange rate, which makes jewelers stay away from the market.
Most investors seem to prefer the US Dollar and T-bonds.
Today’s forecast.
According to the Department of , if an H1 bar closes above 1579, gold may touch 1585-1586, and even 1600-1605. A failure to consolidate above 1579, followed by a break below 1574 will give way to 1550, 1525.
Silver may test 27.25, 27.40-27.50. A break and consolidation below 27.0 may trigger a bearish move down to 26.75. A break below 26.73 will give way to 26.50, 26.25.
