Key Stock, Crude, Gold and Silver Markets Briefing
$DIA, $DAX, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Markets are seeing major short covering globally. Mostly all the Asia-Pac indices saw initial fall but recovered most of it by the end of the session. The victory of Donald Trump was a surprise to many but we need to see how the markets take near term. Overall the equities are all trading higher and look positive. There could be an initial rally for now followed by a corrective dip. The markets have turned around completely and are looking to stabilize. PE
DJIA at 18589.69, +1.40%) spiked Wednesday after Donald Trump victory. The support near 17700 held. We may see the rally to continue towards 19,000 before we see a corrective “dip”.
DAX at 10646.01, +1.56% bounced from from support at 10200 rising back to 10600 and above in 1 session. It could see a rise to 10800-10900 before coming off again.
Nikkei at 17178.87, +5.71% traded within 17430-16110 Wednesday and has recovered most of the losses. Volatility seen for at lest the next 2-3 sessions before stabilizing. So, wait to see how it shapes up before looking for directions. Resistance at 17400 is holding for now.
Shanghai at 3159.68, +1.00% is up 1% and has moved beyond 3150 contrary to expectations and could possibly move higher near term to 3200
Nifty at 8432, -1.31% support at 8000 with the Gap down opening, and recovered most of it in the 2-H of the sessions. Keep the broad 8600-8000 region open for the next couple of sessions looking for clarity.
Crude Oil, Gold, Silver & Copper Markets
Commentary: Copper looks to be on track to break its long term down trend. Keeping a close watch for confirmation if the rally continues. Crude Oil looks Bullish in here. Gold and Silver may take a fes sessions to stabilize.PE
Copper at 2.5170 is up 2.34%. News states bets on rise in infrastructure spending and continued optimism over China demand. The charts suggest that if the rally continues, it could be on its way to break the long term down trend. In that case see a test of 2.75-3.00 medium term with some short livied dips.
Gold at 1287.74 hit 1335 on the Northside yesterday, and came down sharply to close at 1276.16. Support is seen near 1250 which may hold in the near term, then driving Gold to 1300-1320 near term.
Silver at 18.638 came off from 19 as expected and may trade in the 18.25-19.00 area in here before again moving North again.
Brent Crude at 46.32 and WTI Crude Oil at 45.05 recovered. From important support levels in line with my near term expectation. While the supports hold, expect near term to be Bullish.