Key Stock, Crude, Gold and Silver Markets Briefing
$DIA, $DAX, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Overall stocks are trading low globally. There is some bias on the downside as the equities trade just below important resistance levels. PE
DJIA at 18144.20,+0.09% broke below channel support at 18100 but closed higher. 18000 interim support which wil break to the Southside in the coming sessions. The contracting price movement is negated and the broad 18000-18400 region is the sideways range for the near term. A clear break of 18000 leads to 17900 and lower in here.
DAX at 10523.07,-0.51% continues to hold, price is stuck near the upper end of the 10600-10100 channel. If 10600 holds, the price could come down to 10400-10300 near term.
Nikkei at 16774.26, -0.39% faced rejection from resistance near 17000, as the resistance holds see a fall towards 16600-16200 medium term.
Shanghai at 3053.25, -0.17% can rise to 3100-3150 before fading towards 2900-3000, wait for a test of 3150 on the Northside.
Nifty at 8708.80, +0.13% contracting in the 8750-8650 region and could go higher, see a breakout on either side of the mentioned region in the coming sessions. Going with the sentiments of other equity markets, the bias is to the Southside.
Commentary: While the metals consolidate at the lower levels, Crude Oil is hurt from the speculation of the OPEC deal not holding up and the possibility of higher US Crude Oil inventories. PE
Gold at 1259.43 in the narrow range of 1265-80 the last 4 sessions, still requires a break above 1275-80 to negate the immediate risk for more Southside towards 1200.
Silver at 17.56 to test 17.85-18.00 near term, the chances of spending the coming 4-8 sessions in the range of 17.00-18.00 high.
Brent Crude at 51.40 marked high at 53.71, close to the 13-month high of 54.00 before correcting. A retest of 50.00 likely which must hold to prevent the decline from extending to 48.00.
WTI Crude Oil at 49.67 almost retested the Y 2016 high at 51.64 contrary to expectations, now may correct to 48.00 near term. Oil Bulls must defend 48.00 as a break below 48.00 pushes it down towards 46.00.
Copper at 2.172 remained almost unch in the last 3 sessions as it consolidates in the range of 2.14-2.22. This consolidation phase in this range may continue for the week.
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