Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: The FOMC kept rates unchanged as expected, the markets are willing to wait till March to analyze economic activity in The Trump Era. In India, although the Union Budget has brought about little disappointment to some people, many investors are still positive for this year. PE
DJIA at 19890.94, +0.14% bounced from support on the daily candles. The DJIA looks Bullish medium term and could re-test 20000 near term. On the Southside, expect the Key supports at 19500-19700 to hold medium to long term.
DAX at 11659.50, +1.08% recovered after testing 11535 Wednesday, hold above 11400-11500, see a rise towards 11800-12000 in the coming sessions.
Nikkei at 19099.93, -0.25% stable in the 19257-18900 zone, and could break to the Southside near term, 1st target 18650 looks possible in here before any bounce is seen.
Nifty at 8716.40, +1.81% bounced at the end of the session Wednesday as support near 8500 holding. Note: the Northside could be limited to 8750-8800 near term from where a dip towards 8600 or lower is expected.
Crude Oil, Gold, Silver & Copper Markets
Commentary: Weakness in Dollar Index keeps the precious metals positive. Crude prices may rise in the near term. Copper may test crucial resistance. PE
Crude Oil prices have risen a bit but may remain range-bound in the earlier mentioned 52-55 (WTI) and 54-58 (Brent) regions respectively for about a few more sessions near term. Brent (56.57) and WTI (56.56) may move towards 58 over Thursday and Friday.
Gold at 1214.24 is trading just below 1st resistance near 1215-1220 and while that holds, see dip in the near term towards 1180. In case a break above 1220 is seen, will shift our focus towards 1240-1250. Keep a close watch on support at 99.00/50 on The US Dollar (.DXY) Index to confirm.
Silver at 17.57 moved up and could test 18 near term. 17.50 now acts as support. Although near term looks Bullish, see how the other assets play out to boost prices near term.
Copper at 2.7205 looks positive and looking at the commodity-currencies like the Aussie (0.7638) there could be an Northside potential near term. Wait to see price action at Key resistance at 2.75. On a break above 2.75 shift our focus to higher marks. While 2.75 holds, we could see a fall back towards 2.60.