The Metals Report: February 14, 2012
PFGBest Forex | Feb 14, 2012 01:40AM ET
Today’s April Gold Futures contract traded a very tight and quiet range on light volume as traders and global investors remain skeptical on the Greek austerity plan. Late Friday afternoon we learned that the Greek leaders approved a new budget in order to receive a second rescue package. (see below)
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By Antonis Galanopoulos and Natalie Weeks
Feb. 10 (Bloomberg) -- Greek Prime Minister Lucas Papademos secured approval from his Cabinet to submit laws for new budget secured approval from his Cabinet to submit laws for a new budget secured approval from his Cabinet to submit laws for new budget measures designed to secure a second rescue package for the country, according to a government official today.. The official, who declined to be named, spoke to reporters in Athens at the end of the Cabinet meeting……
THIS NEWS SHOULD HAVE BEEN MUCH MORE “BULLISH FOR GOLD!
However, due to the demonstrations and rioting in the streets of Athens It is my opinion that traders and global investors are taking a wait and see approach before re-entering the Gold market.
Gold traders are also eyeing the Geo-political tensions in Iran, Egypt, and Syria….
ECONOMIC DATA 2/14
APRIL GOLD
RESISTANCE # 2………$1744.00
RESISTANCE # 1……..$1734.00
PIVOT………………..…. $1726.00
SUPPORT # 1………… $1717.00
SUPPORT # 2............$1708.00
MARCH SILVER
RESISTANCE # 2…… …$34.32
RESISTANCE # 1…….…$34.02
PIVOT……………………..$33.74
SUPPORT # 1…………..$33.43
SUPPORT # 2…………..$33.16
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