Nickel yesterday traded with the positive node and settled 0.38% up at 821.60 as support seen after the strong German economic data and solid performance at major central banks cheered the market, and helped the global equities markets advance. The US March consumer credit registered its smallest gain since last July, rising by 7.97 billion dollars, well below the growth of 18.6 billion dollars in February, and market expectations of 16 billion. Higher income taxes and unclear economic outlook may restrict borrowing interest, and also reflect people's low confidence over economic outlook. The German factory orders rose 2.2% in March, far better than market expectations. The positive data, however, is still not enough to ease investors' worries over its economic outlook. Germany will announce its industrial production data in March this Wednesday. If the result remains positive, the euro will be supported, and if not, market concerns over its economic performance will worsen. Draghi, President of the European Central Bank (ECB), recently said to look for economic data in the region, and stand ready to act if needed, suggesting the unclear economic outlook in the region. In other markets, LME metals market generally ended lower, down 0.12-0.72%, and the global equities advanced across the board, while the US dollar index was off 0.04%. While China will release its trade data on Wednesday, and inflation data on Thursday. Before the release, a cautious sentiment dominates the market. Now Nickel is getting support at 813.1 and below same could see a test of 804.5 level, And resistance is now likely to be seen at 826.4, a move above could see prices testing 831.1.

Trading Ideas:

Nickel trading range for the day is 804.47-831.

Nickel gained as support seen after the strong German economic data and solid performance at major central banks cheered the market

US March consumer credit registered its smallest gain since last July, rising by 7.97 billion dollars, well below the growth of 18.6 billion dollars

Official data released earlier showed that German factory orders climbed 2.2% in March, defying expectations for a 0.5% decline.