Key Stock, Crude, Gold and Silver Markets Briefing
$DIA, $DAX, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Corrective phase going on in most of the equities markets. Caution in here, as there could be some near term breakout North or South. PE
DJIA at 18268.50, -0.07% continues contraction in the 18350-18100 region and could do so for another couple of sessions before a sharp break on either side is seen. There no sign of Bullish momentum in the markets now and this could possibly pose a threat of falling towards 18000-17900 longer term, we have to wait for confirmation.
DAX at 10568.80, -0.16% is testing resistance near current marks and could come off to 10500 or lower. Longer term there is room on the Northside towards 10800, keep watch for further confirmation.
Nikkei at 16869.09, -0.18% has come off slightly from resistance at 17000 while that holds could test 16700 on the Southside.
Nifty at 8709.55, -0.39% is in contraction phase within the 8800-8600 range and that could hold for some time before a sharp break is seen on either side.
Crude Oil, Gold, Silver & Copper Markets
Gold at 1257.63 extended its fall Thursday as expected and bounced from just above 1250. Note that the 1250-1240 is an important support zone which if fails to push back the prices, Gold could be vulnerable to a fall towards 1200 medium term.
Silver at 17.34 broke the channel support on the Southside and could head towards 17.0-16.5 near term.
The Gold-Silver ratio at 72.39 has enough room on the Northside to rise towards 75.0-75.3 medium term interrupted by small corrections. Keep a watchful eye on the falling Gold prices.
Brent Crude 52.46 is trading below target of 52.83 which is likely to hold near term. A correction towards 49.78 is preferred from current marks before it could resume upward rally towards 55 in the longer term.
WTI Crude Oil 50.42 may face some rejection from at 50.5-51.6 near term before resuming its rally later.
Copper at 2.15 has been coming down, and could head towards 2.125-2.100 near term.