Key Stock, Crude, Gold and Silver Markets Briefing
$DIA, $DAX, $GLD, $SLV, $OIL, $USO, $CU
Commentary: DJIA moved up and looks Bullish, DAX needs more confirmation to decide on its direction. Nikkei and Shanghai look Bullish too. PE
DJIA at 19023.87, +0.35% finished up Tuesday as expected. The pause near 18800-18900 has helped the Dow gather more strength to move up and if it sustains, could rise towards 19200-19250 in the coming sessions.
DAX at 10713.85, +0.27% on the other hand has not been able to break above the immediate horizontal resistance near 10800. While consolidation in the 10600-10800 zone may continue for some more time there could be some possibility of an Northside break near term. We need a confirmed break below 10600 to become Bearish ahead.
Nikkei at 18162.94, +0.31% has been moving up sharply and could continue to move up towards resistance near 18300 and then18625 within the next 2-weeks.
Shanghai at 3246.34, -0.06% is testing 1st resistance near current marks, if it breaks above 3250, it may target higher marks of 3300.
Nifty at 8002.30, +0.92% recovered some of its decline Tuesday in the 2nd half of the session. Look for a downside to 7900-7800, in case the index sustains above 8000, there could be some upward correction before resuming the fall.
Commentary: Overall commodities look Bullish in the near term. There could be some fall in Crude Oil before it can move up again. Wait to see how the OPEC meeting goes. PE.
Gold at 1214.51, and Silver at 16.72 are stable and could see some sideways movement in here moving up towards 1240/50 and 17.00/50 respectively.
Copper at 2.5470 may resume its rise towards 2.65-2.70, 1st support on the daily candle chart holds. This could possibly pull up Aussie from current marks.
Brent Crude at 49, and WTI Crude Oil at 48.02 have come down on news that the US Crude supplies fell by 1.3-M bbl last week, according to a report by the American Petroleum Institute (API). Instead the report states a rise in the gasoline inventories by 2.7-M bbl. But with the OPEC meeting next week and doubts from Iran and Iraq we could possibly not see much of Southside in Crude Oil .
Note: Crude Oil should rise after a small downward correction in markets the near term. We may expect a fall to 48 and 46 in Brent Crude and WTI Crude Oil respectively before again rising back to 50 and 52.
Have a Happy Thanksgiving
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