Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Global stocks are mixed. Shanghai looks Bullish. DJIA and DAX may take a pause to refresh in here, while Nifty is looking Bearish near to medium term. PE
Nikkei is closed on the Eve of The Emperors Birthday but we could expect the support at 19258 to hold when the markets reopens.
DJIA at 19918.88, -0.12% look like it is setting up to break the up-channel on the daily. In case the support near current marks break, could see an immediate correction for a few sessions before again resuming the rise towards 20250. Note: DJIA has not been able to break above 20000 for a week and may come down towards 19800 1st.
DAX at 11456.10, -0.11% pausing near current marks. Note: the 11610 marks could act as Key resistance which could push down the prices back towards 11300-11200 marks near term.
Shanghai at 3127.36, -0.39% can move up to 3175, while support at 3100 holds. Medium term looks Bullish.
Nifty at 7979.10, -1.02% broke below interim support at 8060 and headed to test support at 7900. The Bears look strong and may see a break below 7900 in here. But while 1st support near 7900 is visible the index could possibly hang near 7900 for a couple of sessions before breaking South, 8100 out of focus.
Crude Oil, Gold, Silver & Copper Markets
Some sign of weakness is visible in Silver at 15.83 which has come down to test support near 15.80. In case it breaks below 15.80, it could head towards 15.40-15.00 medium term.
Gold at 1130.96 is stable around 1130, and has been trading near current marks for the last 7 sessions. Long term looks potentially weak but prices may consolidate for some more time before succumbing to the Bears. It is possible to see a rise towards 1150-1170 before a sharp fall is seen.
Brent Crude at 54.73, and WTI Crude Oil at 52.67 are stable and ranged within the 57-52.50 and 50-55 region respectively near term. Although the longer term looks Bullish, the immediate movements could be choppy now within that range.
Copper at 2.50 is stable within the range at 2.45-2.75. No major moves expected in here.