Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Participants are returning to the markets after the Holidays, we could get more clarity on further direction by the end of this week. Sentiment for Japan and China looks strong in here. We could expect the rally to continue in Nikkei. DJIA and DAX may stay in consolidative mode for now with chances of extending the Bullishness in the longer term. PE
Immediate upside resistances of 20000 and 11680 may hold in the near term for both DJIA at 19942.16, +0.30% and DAX unch at 11584.31, +0.00%. Both the indices may try to re-test the resistance near term, but could take more time to break to the Northside. Only on a break of these resistance marks would focus to higher marks, the corrective mode may stay intact for another week.
The USD/JPY is ranged the 118.5-116.0 zone, it may keep Nikkei at 19541.42, -0.27% ranged in the 18770-19750 zone for the next few sessions. But looking on the longer term charts of Nikkei is Bullish towards 20000 medium term, a re-test of 19000 is possible near term.
Shanghai at 3159.98, +0.04% broke above 1st resistance at 3150, signaling initial signs of Bullishness which could extend towards 3200-3250 soon. Rail and liquor stocks are driving the index to the Northside. News states an investment of 800-B RMB Yuan in railways this year by China.
Nifty at 8190.50, -0.02% trading along the 8200 region for a few sessions now and is likely to break to the Northside to test the next resistance zone of 8265-8285. Look for a break above 8300 near term. Near term looks sideways to Bearish in here
Crude Oil, Gold, Silver & Copper Markets
Commentary: Overall commodities are Bullish. Gold and Silver look Bullish, and Crude prices may stabilize before seeing a sharp rally near term. Fresh demand is expected in Copper from China which could take up the metal to higher marks this month. PE
Brent Crude at 56.25, and WTI Crude Oil at 53.14 are trying to move North to re-test previous highs at 58.35 and 55.22 respectively. They could be range-bound near term within 58.35-55.00 and 55.22-52.00 respectively, but could soon break to the Northside medium term.
Gold at 1173.47, and Silver at 16.56 are running. Gold moved above 1170 and could move higher towards 1180-1190 near term, Silver could pause to refresh near 17.00-17.50 in here, the precious metals look Bullish in here.
Copper at 2.5585 has risen sharply as demand expectations rose after China reiterated its plans to add 2100 km of track to its railway network. The metal could now start moving higher towards 2.60-2.70 near term.
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