Economic Buzz: German Consumer Confidence Deteriorates Further : German consumer confidence has deteriorated ahead of the crucial Christmas season, albeit from a high level, a survey from GfK research company showed Monday. GfK's forward-looking consumer sentiment index fell to 5.9 points in December from a downwardly revised 6.1 in November.
Crude Oil Report:
As can be seen from the chart, after a sharp fall, MCX crude oil was trading near the 78.6% retracement mark. It made multiple attempts to break 4,600. However, the bulls provided a strong support to the oil. Consequently, the oil bounced towards the upper end of the range and near the 20-weekly moving average and the 40-weekly exponential moving average. The pressure seems to be building up as the price is approaching the resistance zone. Thus, unless the psychological mark of 5,000 is crossed on the closing basis, the oil can fall towards the 20-daily moving average and the 40-daily exponential moving
average, ie 4,800-4,770.
Gold Report Today:
Gold importers in India, the world's biggest buyer of the metal, continued to be on the sidelines as prices steadied near their highest level in more than two months. Spot gold reacted quietly towards the news of a successful Greek debt deal, trading near to its previous session’s close of $1748.49 an ounce. The Euro zone finance ministers and International Monetary Fund had settled a deal to cut Greece’s debt by discharging urgently needed loans to avoid immediate bankruptcy. Greece’s international lenders agreed to take steps to lessen the country’s debt by 40 billion Euros influenced the zone’s currency. Euro edged higher to a month high against the dollar, broadly supporting most of the dollar denominated commodities and bullion.
MCX Gold Dec: Intraday Levels are: Resistance seen at: 32500/32660/32800/33000 Support: 32220/32040/31900 followed by 31650.
