Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: The global markets are following DIA which is unable to hold above the psych market 20000, and sideways consolidation for the rest of the week looks likely for most indices. PE
DJIA at 19887.38, -0.38% seeing no gains after 10 days of the New Year, indicating indecision in here, the trend still remains up but some more sideways consolidation in the range of 19700-20000 is seen before a move North or South, we wait, we see.
DAX at 11563.99, -0.30% trading in the range of 11400-680, and the sideways movement in this range may continue for the week, mirroring the DJIA.
Nikkei at 19448.55, -0.03% opened after a long weekend but shows no great activity in the market. Overall the broad 19000-19750 range may continue, and could last for a week at least.
Shanghai at 3165.30, -0.19% looks uninterested in the solid Producer Price Index (PPI) rise of 5.5% in December Vs expectation of 4.6% as it trades flat Tuesday. The near term trend is North and as long as it stays above 3100, the chances of a rise towards 3200-3300 is still open.
Nifty at 8236.05, -0.09% is ranged within 7900-8300 for the last 9 weeks and momentum for a breakout is missing. So, a failure to rise above 8300 can push it to 8200 -8150 again.
Crude Oil, Gold, Silver & Copper Markets
Gold at 1184.10, and Silver at 16.61 are attempting to rise and the stability in the Gold/Silver Ratio at 71.23 indicates that any move may be synchronous for the 2 precious metals. Gold may test 1190-1200, Silver may rise to 17.00-20.
WTI Crude Oil 52.08 and Brent Crude at 55.05 was trading below Key resistance and the failure to break above 56 and 59.50-60.00 has pulled them down. WTI Crude Oil may consolidate in the range of 51-55 and Brent Crude in the range of 53-58 near term.
Copper at 2.554 looks Bullish towards 2.60-2.65 in the coming days. Overall the broad 2.75-2.45 region may hold for the some weeks.