Key Stock Indexes, Crude, Gold & Silver Markets Briefing

Key Stock Indexes, Crude, Gold & Silver Markets Briefing

Key Stock Indexes, Crude, Gold & Silver Markets Briefing

$DIA, $GLD, $SLV, $OIL, $USO, $CU

Commentary: Range-bound pattern seen on DJIA, DAX and Nikkei, they all 3 look to be trapped near term. Some more consolidation is expected before any sharp move is seen. Nifty trades at Key marks which could be the driver for the next movement. Shanghai looks Bullish. PE

DJIA at 19963.80, +0.32% is holding well below 20000 over the last 15 sessions. Note: the 20000 resistance has not been able to produce a sharp rejection to push prices below 19720. Signaling that the Bulls are fighting. A few more sessions of consolidation in the 20000-19720 could lead to a sharp break North.

DAX at 11599.01, +0.12% is holding below 11680, but has not seen any sharp rejection. The index could trade in the 11400-11680 region in here before deciding on its direction.

Nikkei at 19454.33, -0.34% may test 19750-19870 near term while it is holding above 19258. Overall the broad 19000-19750 region may continue to be the range in the coming sessions and could last for a week or so.

Shanghai at 3163.29, +0.28% looks Bullish near term. Support near 3100 is holding well on the 3-day, a rise towards 3200-3300 is seen.

Nifty at 8243.80, -0.36% tested resistance at 8300 Friday but came off to finish lower. While 8300 holds, may expect a re-test of 8200-8150 near term, but in case the index moves off above 8300 have to shift focus for a sharp rally towards 8400-8500 soon. Price action near 8300 is Key now.

 

Crude Oil, Gold, Silver & Copper Markets

Commentary: Commodities are paused. The Northside seems limited for Gold, Silver and Crude Oil. A little more Northside is possible before a short correction in the weeks ahead. PE

Gold at 1175.50, and Silver at 16.46 look stable. Silver is testing interim resistance near current marks and could come off a bit in the next couple of sessions, Gold could test 1190-1200 near term before coming off.

WTI Crude Oil 53.80, and Brent Crude 56.96 are trading below Key resistance levels and need to break above 56 and 59.50-60.00 near term to turn Bullish, seeing some consolidation  near term.

Copper at 2.5460 looks Bullish towards 2.60-2.65 in here, Overall the broad 2.75-2.45 range may in the weeks ahead.

Have a terrific week

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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