Key Stock, Crude, Gold and Silver Markets Briefing
$DIA, $DAX, $GLD, $SLV, $OIL, $USO, $CU
Commentary: The world’a equity markets continue weak. Immediate supports are vulnerable to break and the resistances are strong. PE
DJIA at 18098.94, -0.25% marked an intra-day low below 18000 for the 1st time since July 2016 but saw buying come in at lower levels. This could be indicative of a test of 17900-17800 near term. A break below 17800 would bring more focus towards 17600-17400 region, but that would need a sharp break below 17800. Keeping the Southside chances open.
DAX at 10414.07, -1.04% saw a Gap open down and almost fell to test 1st support above 10300. In case the 10300-10600 region fails to hold near term, the Southside possibility of 10100 comes into focus.
Nikkei at 16785.20, +0.07% has come down, and could continue to fall towards 16400 in the next 2-3 sessions. A break below 16400 look at a test at 16200.
Shanghai at 3053.51, -0.25% has tested interim resistance near 3075 which if holds could limit the Northside and prevent a rise towards 3100-3150 . But above 3050, the Northside potential remains open. Below 3075, we could expect a trade 3050-3075 near term.
Nifty at 8573.35, -1.56% extended its fall to 8500. The 8700-8450 channel holding for now, expect a bounce from 8450-8500 in the coming sessions.
Crude Oil, Gold, Silver & Copper Markets
Commentary: Crude Oil is in a shallow corrective mode while the precious metals consolidate at the lower levels with the major trend down.PE
Gold at 1256.22 continues its consolidation phase in the 1245-80 following the sharp moves seen last week. It requires a break above 1275-80 to negate the immediate risk for more Southside towards 1200.
Silver at 17.40 is ranged at 17.00-18.00 with the chances of seeing 17.75-18.00 open but the major trend is South and Bears remain in control.
Brent Crude at 51.90 in a corrective mode and a failure to rise above 52.65-85 in 12 sessions may push it South to 50.00-49.70 soon.
WTI Crude Oil at 50.55 is finding support at 49.20-10 for the last 7 sessions, a clear break below 49.00 can push it down to 48.00 then comes 46.00.
Copper at 2.128 has seen a sharp decline after the poor Chinese export-import data. The major support at 2.10 may hold near term and keep it in the broader range of 2.10-20 for the next few sessions.