Expects crude oil to trade firm: Nirmal Bang

Nirmal Bang has come out with its commodity report. The research firm expects crude oil to trade firm during the day.

Nirmal Bang research report:

Gold

Gold futures ended higher on Thursday in spite of a strong dollar, as sovereign debt worries surrounding Greece and uncertainties about currencies prompted safe-haven buying.

Gold hardly moved on Friday shrugging off a firmer dollar as worries about Greece's debt problems and volatility in currencies boosted its safe-haven appeal. We expect precious metals to trade sideways to down on the back of further firmness to be witnessed in dollar.

Crude

Crude oil futures ended lower on Thursday as the euro fell against the dollar on persistent worries about Greece's debt problems, turning oil traders cautious and snuffing a two-day advance in oil prices.

Crude futures remained weak on Friday after a nearly 1% decline a day earlier as the dollar stayed strong against the euro. We expect crude oil to trade firm during the day, buying at dips is recommended.

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To read the full report click on the attachment