Nickel yesterday traded with the positive node and settled 1.53% up at 827.9 after the US dollar index surrendered earlier gains in response to Evan's comments. The comments by the Chicago Fed President Charles Evans hinted at the support of the existing asset purchase plan, suggesting the plan will continue throughout the summer, and may come to an end in the fall if the labor market continues to improve. Investors are now shifting attention to the testimony to Congress by Ben Bernanke and the latest meeting minutes of the interest rate meeting. Rumors reported that the European Central Bank (ECB) was investigating that how the banking sector will act to a negative deposit rate, suggesting that the ECB may take deposit rate into negative territory. Latest data reflect registration of new cars in the euro zone rose 1.7% in April YoY, bringing its 20th consecutive month of decline to an end. This suggests that automobile market in the region may be rebounding, sending European equities up across the board last Friday.  Italy's new government took its first concrete steps last Friday, announcing 3 billion euros in economic stimulus packages, to ease pressures of households and workers amid the country's longest-ever postwar recession.  Disappointing economic data announced earlier caused some investment banks to cut the 2013 GDP estimate in the world's second largest economy.  In yesterday's trading session nickel has touched the low of 810.6 after opening at 813.2, and finally settled at 827.9. For today's session market is looking to take support at 815.2, a break below could see a test of 802.6 and where as resistance is now likely to be seen at 835.9, a move above could see prices testing 844.

Trading Ideas:

Nickel trading range for the day is 802.57-844.

Nickel ended with the positive node after the US dollar index surrendered earlier gains in response to Evan's comments.

BOJ has enacted massive monetary easing measures to steer the country away from deflationary decline and more towards growth

Comments by Charles Evans hinted at the support of the existing asset purchase plan, suggesting the plan will continue throughout the summer