Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Neutral. PE
DJIA at 20071.46, +0.94% rose sharply Friday, possibly on news of US President Donald Trump’s order to roll back the Dodd-Frank with the Volcker Rule that was signed by Barack Hussein-Obama in Y 2010. The markets may take it positively, meaning could be some more rise in the next few sessions.
DAX at 11651.49, +0.20% testing support near 11600, if that that holds, the index could move North towards 11820-11920 again near term, need confirmation before we see it above 11700.
Nikkei at 18974.07, +0.30% is stable near current marks and could consolidate within 18651-19258 for some more sessions. The direction is unclear in here.
Shanghai at 3155.81, +0.50% may test near 3125-3100 before bouncing higher.
Nifty at 8740.95, +0.08% trading at resistance marks, if that holds, see a small correction near term towards 8600 or lower, a break above 8760 can signal medium term rally targeting 8800+.
Crude Oil, Gold, Silver & Copper Markets
Commentary: The US induced political risk seanerio has global investors interested in Gold. PE
Gold at 1223.8 along with a weak US Dollar (.DXY) Index at 99.72. It can test the near term resistance at 1230-40, a turnaround in the USD may weaken Gold.
Silver at 17.60 is holding above Key support at 17.50-30, that may drive it to 18.00 or even 18.40 near term, but any weakness in Gold may affect the Devil’s Metal too.
For the past 6 weeks, both Brent Crude at 56.88, and WTI Crude Oil at 53.89 are ranged of 53-58 and 50-55 respectively. This week, a resolution to the Northside may happen and Brent Crude may test 60 and WTI Crude Oil may test at 58.
Copper at 2.636 seeing support at 2.61, a break below 2.60 may push it to 2.55-50. Overall, the technical structure is damaged, the resistance at 2.75 may not be tested very soon
Have a terrific week.