Greetings! 

As January comes to an end, we must acknowledge an exceptional trading month in the precious metals markets. Today in gold we had a new 7-week high as the precious yellow metal continues to trade higher. With a firmer dollar index and weaker crude oil prices we have nevertheless maintained a higher close on the day for gold.

Silver also had a tremendous month although it closed lower on the day as profit-taking pushed the markets after it reached a new 10-week high early in trading.

Reports have surfaced that the talks currently underway between Greece and their private financiers have yielded some positive notes, but the brass ring is still out of reach as the two sides have not thrashed out a final plan.

An E.U. summit meeting held yesterday was reported to be effective. Out of this summit came a pledge for closer financial ties and better debt-limit enforcement policies. Twenty-five of the 27 E.U. countries agreed, however, that the enforcement mechanisms of this pledge seems to lack any teeth whatsoever. It remains to be seen what the E.U. as a whole will do when any country breaks this pledge.

As always wishing you good trading,

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Proper Action

GOLD: Maintain Long @1580. On a technical basis, our next real level of resistance is 1750 per ounce.  Our upside target still remains just below 1800 assuming we take out resistance at 1750.

SILVER: Maintain Long @28.10. Last night we also raised our stops in silver, placing them below 32.80. Our upside target remains $35, however it is important to see how it reacts in this current round of profit-taking.

MARKET FORECAST

Gary S. Wagner

Gold & Silver: A mixed bag today in the precious metals markets with gold higher and silver, platinum and palladium lower. With pressure on the equities markets, the industrial precious metals found themselves under pressure.

 SILVER:

Copyright (c) 2011 Wagner Financial Group