Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Most of the indices are in a Bullish consolidation mode, and keeps the uptrend intact medium term. Shanghai is close to its major trend decider levels, which may set the direction for the next few weeks. PE
DJIA at 19891.00, -0.32% is ranged between 19700-20000 for the 5th week running, and unless a surprisingly bad US retail sales data hit the markets, the index may well end the week in the same range for now.
DAX 11521.04, -1.07% lost its near term Bullish momentum despite hitting a new high at 11692 this week and may now trade sideways in the range of 11400-700 for a few sessions before the next trending move is seen.
Nikkei at 19208.09, 0.38% continues to trade in a narrow range for the 5th straight week but medium term uptrend remains intact as long as the Key support at 19000 holds.
Shanghai at 3106.01, -0.43% is trading very close to the long term support at 3100-3080, if broken could open major Southside possibilities ahead. The Bulls may manage to hold the support and initiate a bounce from here.
Nifty at 8407.20, +0.32% is trading above the psych mark at 8300, initiating Bullish sentiment in here. There could be some rejection at 8440 before heading towards 8500-8550 longer term.
Crude Oil, Gold, Silver and Copper Markets
Commentary: Crude Oil is in a consolidation mode like many major equity indices and precious metals may be entering similar sideways mode after the recent gainers.PE
Gold at 1192.37 has corrected some after hitting a 7-wk high at 1206.93 as the US Dollar (.DXY) Index (101.51) recovered above 101. The correction may extend to 1185-75 in the next few sessions if an immediate move above 1207 is not seen.
Silver at 16.90 has corrected some too but if 1st support of 16.60 holds in here, then another high in the range of 17.00-20 can be expected before any reversal.
WTI Crude Oil at 53.06, and Brent Crude 56.03 extended their gainers on the Northside, from a broader perspective, it is a 5-wk consolidation in the range of 50-55 for WTI Crude Oil, and 53-58 for Brent Crude with no clear trend near term. Both may oscillate in the same range for 1-2 wks more.
Copper at 2.664 seeing strong support near 2.53 this week and may test Key resistance at 2.70-75 by the next week.