Key Stock Indexes, Crude, Gold and Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: All global indices are in pause mode. Immediate resistances seen in Nikkei, DJIA, DAX and Nifty. We could see some sideways consolidation or a short term correction in here. Shanghai is the Bullish standout. PE
DJIA at 19843.41, -0.04% may continue trade below 20000 in here. A sideways consolidation within the 19500-20000 region is possible.
DAX at 11404.01, +0.33% is testing Key resistance near 11430.40, the high was seen on 15 December and this could possibly hold in the near term pushing DAX South towards 11200.
Nikkei at 19343.35, -0.30% is almost stable above 19258 for the last 2-3 sessions, it could soon come off below 19258 near term. On a clear break above 19500 will case me to focus on marks near 19800-19870. If the USD/JPY comes off from 1st resistance near 118.7, it could drag Nikkei down in the coming sessions.
Shanghai at 3120.55, -0.08% is the odd 1 among other indices which is testing daily channel support near current marks. If the support holds, it could move North towards 3175-3200 marks in here.
Nifty at 8139.45, -0.17% closed below 8150 Friday and if it continues to remain low, it could target 8100-8000 near term. A break below 8000 increases possibility of re-testing 7900 on the Southside.
Crude Oil, Gold, Silver & Copper Markets
Commentary: While .DXY remains stable could see small movements in the precious metals and the Crude Oil prices may not move too much. A slight rise over Monday and tomorrow is possible followed by a decline after.PE
Gold at 1138.07 and Silver at 16.122 have both tried to move up, but are both overall Bearish for the medium term. 1st support is near 1100-1098 in Gold and 16.0-15.8 in Silver which could hold medium term. A bounce from respective supports can be expected.
Brent Crude at 55.52 and WTI Crude Oil 52.31 bounced back from 53.13 and 49.95 respectively and could move towards 57 and 54.50 respectively in here. Brent-WTI (3.27) is again headed towards resistance near 3.50-3.75 and could come off sharply from there bringing Crude Oil prices down.
Copper at 2.5510 has come down to test the lower levels of the 2.75-2.50 range. A possible fall towards 2.45 1st support can be expected near term.
Have a terrific week.