Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: DJIA, DAX, and Nikkei are in a consolidative mode, while Nifty is trading near Key levels. Shanghai may test Key resistance from where it may come off soon. PE
DJIA at 19855.53, -0.16%, DAX at 11583.30, +0.17%, and Nikkei at 19387.19, +0.44% are ranged and may continue to move sideways in here. Continue to look for consolidation within ranges 19720-20000, 11430-11680 and 19257-19870 respectively for a few more sessions. DAX could test resistance near 11680-11800 on the weekly candles on the Northside before coming off from there.
Shanghai at 3154.64, -0.22% could test weekly resistance at 8200 which can hold near term, pushing back Shanghai towards 3100 or lower. A break above 8200 could shift focus to higher levels of 3300-3400 medium term.
Nifty at 8288.60, +0.64% holding near 8300 resistance and has not seen any sharp rejection recently. This could indicate that if the 8300-level is unable to produce any immediate rejection, could possibly see a break to the Northside in here. A break above 8300 could trigger a rally towards 8500 near term. Keep a close watch at the price action near 8300.
Crude Oil, Gold, Silver & Copper Markets
Commentary: Gold and Silver looks Bullish, Crude Oil may fall near term. Copper loos Bullish too. PE
Gold at 1186.82, and Silver at 16.78 have risen as the patterns tell us, so continue to look for an Northside of 1190-1200 for Gold and 17.00-17.20+ for Silver. Near term the precious metals markets look Bullish.
WTI Crude Oil at 50.98, and Brent Crude at 53.75 fell telling us the resistance holding in here. Were waiting to see a sharp fall from resistance levels to confirm the strength of the resistance at 58.50-59.00 and 56 respectively. Now could see a test of 50 and 52.50 over Wednesday and Thursday.
Copper at 2.6235 rose as expected and could continue towards 2.65 before seeing a dip towards 2.60. The Aussie (0.7370) faces resistance near 0.7385-0.7400 which if holds could possibly limit the Northside for Copper in here. In case Copper moves above 2.65, it could pull up Aussie above 0.74 near term.
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