The EUR continues to trade in a choppy fashion

The EUR continues to trade in a choppy fashion as the details of the Greek bailout and debt restructuring package are still in debate. The lack of transparency into this issue and the contradicting headlines that have been publish have caused drastic shifts in perception of the value of the EUR against all other currencies. This type of flip flopping has been happening in since May of 2010 and will continue into the foreseeable future. While there have been material advances made to improving the EU debt situation in the last few days, consistent and complete cooperation will be needed from the indebted nations and will be crucial to the success of these efforts. The general confusion in the global currency, bond, and equity markets have also been apparent in the commodities as well. Precious metals have been trading relatively tight ranges while drifting slowly to the down side over the last few sessions.

Gold remains well above the 50DMA ($1699.58) and seems to have relatively strong support just above $1700. Silver has been trading in a tight range since late January and appears to be looking at gold’s actions for its next move. Palladium has retraced nearly all of the gains made in the first two weeks of February, but seems to have found a bit of support in the low 680’s. Should we see the metal trade to that support we would be looking for a move down to the 50DMA ($665.85). Platinum also had strong run in the first few weeks of Feb, but ran into resistance at the 200DMA on two occasions within the last 4 sessions. It is possible that we are looking at a short term double top formation in this metal, however in the grand scheme of things platinum’s performance will depend on three factors, the performance of gold, copper, and the development of the strikes in South Africa.

Good luck out there.

Metals	Last	%Change	Low	High
Au- Apr	1723.4	-0.09%	1713.8	1729.9
Pt-Apr	1637.3	-0.75%	1626.4	1653.2
Pd-Mar	689.4	-1.26%	683.10	700.50
Ag-Mar	33.620	-0.30%	33.330	33.845
London	AM	PM	Minor	PGMs
Au	1721	1722	Rh	1540
Pt	1635	1628	Ru	135
Pd	689	686	Ir	1100
Ag	33.51	DJI	12816.33	-57.71
Currencies
	USD	EUR	JPY	GBP
USD	0	1.3143	0.01275	1.5694
EUR	0.7609	0	0.97012	1.1942
JPY	78.43	103.07	0	123.082
GBP	0.6372	0.83745	0.8124	0
Crude Brent	117.97	Comex Copper	382.45
Crude WTI	100.92	Nat Gas	2.531
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES