Key World Stock Markets Briefing
$DIA, $DAX, $GLD, $SLV, $USO, $OIL
Almost all the markets are in a “pause to refresh” mode, except DAX which broke out Tuesday.
The global markets are either in a pause mode or set up to run North, indicating calmness at the moment in the absence of any new concerns.
Tuesday we saw a low volume, narrow range day of consolidation for DJIA at 18533.05, +0.02%, the uptrend is intact and the target of 18900-19000 is unchanged, 1st support is at 18400.
Note: At 1:50a Wednesday, 10 August the 3 major US stock market index futures are trading flat with a Bearish bias.
DAX at 10692.90, +2.50% broke above the Key resistance at 10400-500 sooner than expected and looks ready to rally to 11000 and then to 11400.
Strength in the Japanese Yen (101.31) capped the rise in Nikkei at 16716.58, -0.29%, and now the index has to manage a break above the resistance area at 17000-300 to come out of its Bearishness, and bring 18000 back into the frame.
Shanghai at 3030.26, +0.15% is approaching target of 3050, but may consolidate in the range of 3000-60 for the next few sessions.
Nifty at 8678.25, -0.38% has not gained much in the last 7 sessions, indicating slowing momentum in here. Thought it may runn to 8800, the possibility of a sudden dip to 8500 cannot be ruled out. Its bi-directional uncertainty suggests caution in here
Crude Oil, Gold & Silver
US Dollar (.DXY) Index (95.78) retreated, resulting in strength in almost all commodities.
Gold at 1348.54 is seeing renewed interest on USD weakness and may remain range bound in 1330-70 for the next few sessions. Initial sign of contraction is seen, suggesting a fall in volatility.
Silver at 20.03 rebounded above 20.00, but may find it difficult to rise above 20.30 yet this week.
Both Brent Crude at 45.01) and WTI Crude Oil at 42.76 did not move much Tuesday. Brent Crude may test 46.00-20 and WTI Crude Oil 44.30-50 but as mentioned Tuesday, it must be noted that there is a chance of the current rally ending in the range of 46-48 for Brent Crude and 44.50-46.50 for WTI Crude Oil, and a correction for a week or 2 may happen and test next support.