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Bullion metals inched higher today after two sessions of straight losses, ahead of a major cash injection by the European Central Bank expected later this week, and a weaker dollar lent support.
Bullion metals are trading higher on COMEX today. We expect prices to trade higher for the following trading session on account of a weaker dollar and concerns over the euro zone crisis. Industrial metals are trading higher on International bourses today. We expect prices to trade higher for the following trading session on account of optimism over the second liquidity infusion by the ECB and a weaker dollar.
Crude oil is trading lower on NYMEX today. We expect prices to trade range bound with a positive bias as supply concerns and a weaker dollar will support the prices. The intraday weakness is likely to continue till 5335/5305 followed by 5270 region as long as 5380 region caps upside. However, 5415 region holds to be a major resistance area and is more likely to hinder any advances past 5380. Break above this level could void our intraday bearish view swinging prices higher towards 5500 region.
