Key Stock, Crude, Gold and Silver Markets Briefing
$DIA, $DAX, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Need to keep a close watch on the markets in here. PE
DJIA at 18868.69, +0.11% has almost reached the 19000 target. If the Trump Rally continues we then expect a short corrective dip before resuming the uptrend. It would be important to see if US Dollar (.DXY) Index manages to break above Key resistance near 100. This could give boost to the DJIA rally, or else a corrective fall towards 18500-18000 is likely.
DAX at 10693.69, +0.24% has come off the resistance near 10800 and does not look as if it may try to break above that mark now, see a fall towards 10600-10500. The broad sideways movement within the 10200-10800 area may continue in the coming weeks.
Nikkei at 17646.51, -0.15% broke above the 17600 resistance last week and may now test long term resistance at 17800 which would be the decider for the upcoming direction that the index may take. If the resistance at 17800 holds, it may push back prices back to 17400-17000, which would bring some strength to the Japanese Yen (108.23). A break above 17800 could lead to a rally both in Nikkei and in USD/JPY.
Shanghai at 3204.11, -0.17% broke above the 3200 mark. The rally could extend if the index sustains above 3200 near term.
Nifty at 8296.30, -2.69% closed on a weaker note last week, and will come down further on Rupee weakness. Look for 8000 marks on the Southside in here.
Crude Oil, Gold, Silver & Copper Markets
Commentary: The fall in commodities may be over for now, we could see some up move in precious metals and Crude Oil. Copper could come off a bit in here. I am near term is Bullish for major commodities except Copper.PE
Gold at 1225.12 is getting some support from the 100-wk MA near 1207.5 if that holds, see a bounce back towards 1250 in here. Below that, 1200 is an psych support which may not be broken in here. Near term see some recovery.
Silver at 17.03 may also move up towards 18 and higher as Key support at 16.60 may hold near term.
Copper at 2.5530 has come down sharply, after testing 2.73. A much needed pause to refresh could come this week as Copper may stabilize and trade in the 2.40-2.60 range.
Brent Crude at 45.19 bounced from support at 43.44 and could move towards 46-47 near term. WTI Crude Oil 44.18 also bounced from 42.20 and could start moving up in here.