Precious Metals Market Comments

Gold Settles $7.20 Lower ... ($1770.70)

Today's April Gold Futures traded a very quiet and technical $16.10 range.

The world continues to watch Greece struggle in its attempt to meet the latest austerity measures in order to receive its second rescue package.Eurogroup President Jean-Claude Juncker has invited euro zone ministers to a conference call on Wednesday, February 15^th, to discuss a second Greek program, he said on Tuesday, changing a previous plan to hold a meeting with the ministers in Brussels as reported by REUTERS. The format changed as Mr Juncker was waiting to receive assurances from the Greek parliament over the implantation of a reform program, as well as other technical work needed to be addressed.

Greece has a track record of making promises and not delivering, and hopefully this time will result in a different outcome. The fragility and indecision in the region has been a huge drag on the precious metals. Traders have been less active in the precious metals as Gold bugs are taking a wait and see approach before forming their trading strategies. The trading volume has dipped dramatically in the past few sessions.

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MY SWING NUMBERS 2/15

APRIL GOLD

RESISTANCE # 2............$1736.00

RESISTANCE # 1............$1726.00

PIVOT...........................$1720.00

SUPPORT # 1.................$1711.00

SUPPORT # 2.................$1704.00

VOLUME........................104,000

MARCH SILVER

RESISTANCE # 2.............$34.05

RESISTANCE # 1.............$33.70

PIVOT...........................$33.49

SUPPORT # 1..................$33.13

SUPPORT # 2..................$32.94

VOLUME........................38,000

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