Key Stock Indexes, Crude, Gold and Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: The Bullish momentum in the DAX seems to be strong and could take the index higher near term. DJIA and Nikkei is stable while Nifty and Shanghai look like they are weakening. PE
The DJIA at 19883.06, +0.20% and the DAX 11426.70, +0.20% are up by 0.2%. DJIA is in pause mode and may consolidate for some more time while DAX looks ready to break above the 1st resistance at 11430.40. DJIAcould be stable for a few sessions and then continue to move North while DAX, if it breaks above 11430.40, then see higher marks near 11750-11800.
Nikkei at 19386.37, -0.03% is holding above support at 19258. While that support holds, expect some consolidation, but the resistance in USD/JPY and the strong correlation of Nikkei with USD/YEN could limit the upside for Nikkei now.
Shanghai at 3092.79, -0.81% is not showing any immediate signals of a bounce, but continues to trade along the channel support on the daily. Looking at the momentum in here, unless an immediate rise is seen we may see a test of 3050-3025 in the next couple of sessions.
Nifty at 8104.35, -0.43% has come down in line with expectation to close just above 8100 Monday. We may see the fall extend towards 8000 near term with a chance of testing to 7900.
Crude Oil, Gold, Silver & Copper Markets
Gold at 1137.91, and Silver at 16.012 are trading a bit lower than marks seen Monday and could possibly see some more sideways consolidation this week. Support is seen near 1100-1098 in Gold and 16.0-15.8 in Silver which could hold well medium term.
Brent Crude 54.83 could be stuck in the range of 52-58 near term. Medium to long term while the support at 54 holds, Brent Crude looks potentially Bullish, 52-54 may act as Key support medium term.
The weekly resistance on WTI Crude Oil at 52.96 has been holding in here, restricting the price to move up. But there is no sharp rejection at current levels we could possibly see a sustained break above 54 near term.
Brent-WTI (1.94) has come down sharply in line with expectation and could move towards 1.0-0.5 near term before bouncing back.
Copper at 2.4925 is sharply down and ready to test interim support at 2.45. If that holds, could see a bounce towards 255-2.60; else a break below 2.45 could take it down to 2.30.