Key Stock, Crude, Gold and Silver Markets Briefing
$DIA, $DAX, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Stocks are mixed. Dow and Dax are trading near resistances but may be getting ready for a sharp bounce in the near term. Nikkei and Shanghai looks bullish. Nifty may see fresh lows in the coming sessions. PE
DJIA at 18956.69, +0.47%, and DAX at 10685.13, +0.19% rose slightly, and are both trading just below resistance marks, which are unable to push prices down. Some more sideways movement near current marks could help the prices gather strength to drive North towards DJIA 19000-19100 and DAX 11000-11200, keep a close watch near term.
Nikkei at 18112.43, +.04% is rallying towards 18500-18600 from where a short dip is possible.
Shanghai at 3236.46, +0.57% broken its initial resistance near 3225 and could head towards 3250-3300 near term.
Nifty at 7929.10, -1.80% broke below support at 8000 indicating a stronger Bearish momentum. This could continue for some more near term. Looking for a fall towards 7800-7700 in the coming sessions before again bouncing back North.
Crude Oil, Gold, Silver & Copper Markets
Commentary: Overall commodities look Bullish near term. PE
Gold at 1217, and Silver at 16.76 have bounced back on some USD weakness and it may not be easy to break below 1200 and 16 for Gold and Silver respectively near term. Can expect for a correction towards 1240 and 17 before another pause on the gauges .
Copper at 2.5520 rose from its daily channel support and is trying to move up. It could head towards 2.60 and possibly test the earlier high of 2.75 seen earlier this month. Near term looks Bullish in here.
Brent Crude 49.37, and WTI Crude Oil at 48.76 have risen sharply ahead of the OPEC meeting next week, where markets expect that the major Crude Oil producing countries would agree to a limit output. Iran and Russia indicated that they were looking forward towards a deal to limit the output. The expected rise to 49 and 48 has happened and before the OPEC meeting could expect some more to the Northside. Note: there is some resistance near 50-52 for both Brent Crude and WTI Crude Oil and only a break above these resistance marks could initiate more Bullishness.