Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: While DJIA and DAX look positive medium term, Nikkei could possibly be on the verge of breaking below Key support which could confirm further JPY strength. PE
The DJIA at 19954.28, +0.50% is unable to reach the 20000-mark that market are expecting, expect it to test 20000 or higher in here soon. Not seeing any signals for Southside move as long as support at 19720 holds.
DAX at 11646.17, +0.54% made a new high near 11692, marks last seen in August 2015. If DAX can move above 11680 near term, it could rally towards 11820 in the next couple of weeks.
Nikkei at 19165.92, -1.03% has come off some, breaking the lower limit of the 19870-19257 range. But as long as Keey support at 19000 holds, there could be some chances of a bounce near term. In case the Japanese Yen at 114.78 strengthens more towards 113-112 ahead, it could drive down Nikkei to 198750 or even lower.
Shanghai at 3137.40, +0.02% is off from resistance at 3175 on the dailies. Above that weekly resistance is visible near 3200. Overall the 3175-3200 band could prove to be an important resistance zone, which could push prices towards 3100 again near term. Only on a break above 3200, can we focus on marks near 3300-3400 looks less likely in the next week or so.
Nifty at 8380.65, +1.11% rallied to break above the 8300 mark. It could move up towards 8500-8550 in the coming sessions. A possible correction from 8440 is also possible before it advances towards 8500-8550. Near to medium term Nifty looks Bullish.
Crude Oil, Gold, Silver & Copper Markets
Commentary: Precious metals gain as the US Dollar (.DXY) Index saw fresh losses. But this could be temporary as USD could start moving up soon if support near 100.90/95 holds near term.PE
Gold at 1197.49 is testing at 1200. Key resistance is seen near Y 1205, if holds could push back the prices towards 1180-1170 in hear. For Gold to break above 1200-1205, need to see a sharp break on the US Dollar (.DXY) Index below 100.90, if that happens, Gold could rally towards 1230. Keep a close watch for .DXY at 100.90 and 1200-1205 on Gold.
Silver at 16.83 is headed towards 17.00-17.20, we could a dip back towards current levels if it hits 17.20.
WTI Crude Oil at 52.18, and Brent Crude at 55.04 from levels near 50.75 and 53.67 respectively as the USD weakened on news that Saudi Arabia had cut exports to Asia and on the news conference by President Elect Donald Trump. But Crude Oil prices, may remain choppy and could fall back again in case the Dollar sees more strength.
The GOLD-WTI Ratio at 22.90 has risen well from levels near 21 and could see a dip to 22 before rising afresh towards resistance near 25.