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Nifty Intraday Trend Analysis, Stock Market Prediction & Support Levels
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Gold and other commodities are under pressure today amid mixed cues from Euro-zone and China. However, Focus for this week will also be on bond sales by Euro-zone nations following last week’s EU summit and US economic data. Overall, gold is likely to witness choppy trade due to lack of direction in the market however buying on dips could be the strategy for this week.
Silver may also remain under pressure in the near term as uncertainty about global economy will weigh on gold and industrial metals. However, we do not expect a sustained decline in gold and this will limit downside in silver as well. Buying on dips could be the strategy for silver this week…… Read technical levels of gold silver copper and crude with strategies for today.
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Decline in Crude Oil is seen today. Crude oil stocks in the United States increased pressure on crude oil prices remains. In the Domestic market Gold and silver is trading strong today. MCX Gold is trading with nearly 1/2% rise at Rs 29,37. Silver is trading on the edge at Rs 57,296. In the international market Gold has declined. Base Metalsremains strong today. Copper, nickel, lead and zinc aluminum is trading on the edge. On LME base metals are strong. Although the volume is decreased….. Read technical levels of gold silver copper and crude for today.
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Trading levels for the week (5th Dec. – 9th Dec.)
For the week Crude prices are expected to find Resistance at 5274-5294 levels. Trading consistently above 5300 levels would renew the previous rally initially towards 5377 levels, and then finally towards the major resistance at 5470 levels.
Support will be at 5070-5050 levels. Trading below 5040 levels would trigger a sharp fall initially towards 4965 levels and then finally towards the Major support at 4896 levels….read levels of Gold, Silver and Copper Crude Oil Tips for Today
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Precious metals settled higher, with gold prices settling once again above the psychological key levels of US$1,700. The complex was supported by a weaker US dollar and surging bond yields in Europe.
US Crude Oil Futures registered gains, underpinned by geopolitical tensions over Iran’s nuclear program. In this regard, US, Britain and Canada have announced new sanctions on Iran’s energy and financial sectors.
Outlook:- Base metals may witness some selling pressure at higher levels as the fear of EU debt crises weighed on the sentiments. Yesterday, copper rose for the first time in four days on Tuesday.
Crude Oil Tips for Today