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Commodities Brief – Precious metals volumes soar ahead of Italian electoral outcome

Gold prices have jumped overnight during Asian trading, as volumes have given bulls something to contemplate after a dismal start to 2013. After recently falling to a 7-month low last week, the yellow metal is trading above its 20, 50, and 200-day SMA for the first time in the month of February. In recent moments, trading reached a session high of 1592.25, though at the time of writing gold has settled at USD $1590.05 per oz., up +1.04%. Ultimately, Monday will be driven by the anticipated results of the Italian electorate, which promises to capture the spotlight – polls close around 14:00 GMT.
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Forex: EUR/JPY kept mostly below 124.50

Like in the USD/JPY, the early Yen sell off affected the EUR/JPY, reaching as high as 124.92. Since then, the cross has been trading mostly below 124.50 (more precisely, 124.66) and support by the 124.00 line.
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