Needless to say, the outcome of the Greek parliament vote on a new austerity package – a scheme including tax increases, spending cuts and government asset sales – is in focus today. As we discussed in detail earlier in the week, last week’s successful confidence vote that allowed Prime Minister George Papandreou and his cabinet to remain in power make today’s proceedings largely ceremonial. Still, market confidence is likely to get a boost from the outcome as a degree of uncertainty about the current environment is removed, pushing crude prices higher along with the spectrum of risky assets. Key resistance has already been overcome at $92.11 – the intersection the 61.8% Fibonacci extension level and a falling channel top – exposing $94.49 from here. Official DOE weekly inventory figures are also on tap.

Gold Begins Recovery Amid US Dollar Weakness

Spot Gold (NY Close): 1501.40 // +3.35 // +0.22%

As we said yesterday, gold appears likely to follow risky assets higher into the Greek budget vote, with a favorable outcome that boosts overall sentiment likely to weigh on the US Dollar as the safe-haven du jour over recent weeks. Needless to say, gold is priced in terms of the greenback on global markets, so a decline in the US currency puts de-facto upward pressure on the yellow metal. A bounce from support at $1495.92 is already underway targeting initial resistance at $1509.49 and $1534.55, the 38.2% Fibonacci extension level and the underside of a previously broken rising channel, respectively.