Key Stock Indexes, Crude, Gold & Silver Markets Briefing

Key Stock Indexes, Crude, Gold & Silver Markets Briefing

Key Stock Indexes, Crude, Gold & Silver Markets Briefing

$DIA, $GLD, $SLV, $OIL, $USO, $CU

Commentary: Stocks are stable and are trading near Key support and resistance marks. Chinese markets opened Friday after a week long New Year Holiday. PE

Shanghai at 3141.24, -0.56% is trading lower, could see 3125 before bouncing back.

DJIA 19884.91,-0.03% may see some sideways consolidation in the 19750-20000 range for some sessions before a clear break North or South is seen.

DAX at 11627.95, -0.27% recovered after testing to 11535 Thursday. While trading above 11400-11500 could see a rise towards 11800-12000 near term.

Nikkei at 18843.67, -0.37% is set to re-test support at 18651, prefer a bounce from 18651 which could pull up USD/JPY with itself, in case US Dollar (.DXY) Index rises from 99.00.

Nifty at 8734.25, +0.20% closed lower after testing 1st resistance at 8750/60. There could be some chances of a corrective dip from current marks which could further enable the index to see another leg up towards 8800+. In case the index breaks above 8760 Friday, it could test Key resistance near 8850-8875 near term.

 

Crude Oil, Gold, Silver & Copper Markets

Commentary: A bounce in the US Dollar (.DXY) Index from 99.25 helped to keep cap further rise in Gold and Silver. PE

Gold at 1213.29 tested at 1225 Thursday before coming off some, near term expect 1230-1240 levels to hold which could keep prices ranged in the 1200-1230 region Friday.

Silver at 17.30 is trading lower after testing at 17.73 Thursday, 17.50-17.30 is a Key support area, if that holds, could see a rally towards 18+. A break below 17.30 could push is towards 17.00-16.50 near term.

Crude Oil prices inched up to slightly higher marks and sold off.

Brent Crude at 56.7 Bullish towards 60, looking at the 3-Day candle, while WTI Crude Oil at 53.79 could see Key resistance near 58.

Copper at 2.65 has fallen, and the wedge like formation seen on the daily is breaking to the Southside and if it continues to move lower, then see a dip to 2.60-2.55 near term. Key resistance at 2.75 looks to hold well near term.

Stay tuned…

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

You must be logged in to post comments :  
CONNECT WITH