Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Both the Nifty and DJIA looks Bullish near term, Nikkei and DAX should remain stable in here before deciding on further direction.PE
DJIA at 20052.42, -0.09% was stable above 20000 Monday, and could try and move up near term. Immediate target for the coming sessions would be 20200-20400 marks.
The daily resistance at 11700 held well on the DAX at 11509.84, -1.22%, pushing it down towards 11500. The index may remain ranged 11700-11400 resistance and support marks for a few more sessions before deciding direction. Overall, medium term trend is up.
Nikkei at 18876.93, -0.53% continues to remain in the 18651-19258 area, and could possibly test support at 18650 before bouncing back. However, the 3-Day and weekly shows support at current levels which if hold may take the index higher near term.
Shanghai at 3158.22, +0.04% is trading at resistance marks and could possibly see 3125 and lower in here. The index is currently at inflection point as seen on the weekly, and a sharp movement from here could be the trend decider medium term. Keep a close watch on the price action at current marks.
Nifty at 8801.05, +0.69% looks like a strong performer. Continuous rally breaking all immediate resistances seen so far. While the index is inching up along the daily channel resistance, if no immediate correction target 8900-8930 Key resistance near term.
Crude Oil, Gold, Silver & Copper Markets
Commentary: The political risk is bringing on the demand for safe havens has increased the strength in Gold (1232.11), which reached my target zone of 1230-40. While the trend remains North, a bout of profit taking can be expected if Gold fails to rise and hold above 1240 in here.
Silver at 17.68 is strong on the back of a stable Gold-Silver ratio at 69.63. Silver may rise to 18.00 or even 18.40 near term, but any weakness in Gold may affect the Devil’s metal too.
Both Brent Crude at 55.91, and WTI Crude Oil at 53.14 are stuck in the 6-wk ranges of 53-58 and 50-55 respectively, 1st support comes at 54.25 for Brent Crude, and 51.50 for WTI Crude Oil above, the possibility of an Northside breakout from their ranges remain strong.
Copper at 2.64 is holding above the interim support at 2.61, a break below 2.60 may push it down to 2.55-50. Again, he technical structure is damaged from a larger perspective and the resistance of 2.75 may not be tested very soon.