Greetings! , 

Reports circulated today that the Greek Parliament has passed austerity steps needed to complete the current rescue and bailout package. New budgetary cuts were needed to secure the rescue loan, so one can expect more protests and rioting.

The next step in the ongoing saga will be on February 15. The European Union finance leadership will meet, and assuming they approve the vote, will then go to their respective national capitals for final approval. This deal is far from complete but true headway has been made, which would secure for Greece the needed capital to avoid a potential default when payment of €14.5 billion is due on March 20.

As always wishing you good trading,

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Proper Action

GOLD: Maintain Long @1580. Our current stop sits just below 1706. My recommendation is to maintain your current position and stop placement.

MARKET FORECAST

Gary S. Wagner

Gold: On a technical basis it is quite possible that our current sub minor wave 4 might unfold as a triangle or pennant correction. This type of market move is characterized by a series of higher lows and lower highs. In principle, as the price range compresses, energy builds until it reaches the apex of the triangle. Once price reaches the apex you will typically see the release of energy and a strong breakout. This type of breakout will typically move in the direction of the prevalent trend, which in this case is up.

Gold 720 Minute Chart

 SILVER: Daily Chart:

silver seems to be caught in a very narrow and highly definable trading range. Today's video will explore this sideways trading activity. We continue to look for silver to follow in its big brother's footsteps (gold).

Copyright (c) 2011 Wagner Financial Group