Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: DJIA and DAX may remain ranged with some possibility of moving higher medium term. Nikkei is trading above support and looks Bullish while Shanghai may fall near term. PE
DJIA at 20090.29, +0.19%, and DAX at 11549.44, +0.34% finished a bit higher Tuesday. DJIA could remain in the 20200-20000 region for at least the next couple of sessions, DAX could test 11680-11820, while support near 11400 holds near to medium term.
Nikkei at 18875.57, -0.19% trading just above support at 18650 if that holds, the index could bounce back towards 19000-19200 near term. Keep a close watch on USD/JPY (112.13) which if breaks below 111.70 could push down Nikkei.
1st resistance on Shanghai at 3141.53, -0.38% holding well in here, and could possibly see a fall towards 3125-3100 soon.
Nifty at 8768.30, -0.37% looks Bullish towards 8900 and could move up in here. All eyes on the RBI policy meet Wednesday which could trigger a move up in case the central banks cut rates by 25 bpts.
Crude Oil, Gold, Silver & Copper Markets
Gold at 1234.90 is stalled near target/resistance at 1240 there is no sign of fatigue seen, but the highly overbought state of the precious Yellow metal and the stronger possibility of a reversal in the USD near term warrant caution. In case, it rises and sustains above 1240, then higher marks of 1280 come into view, but for now that is the alternative outlook
The Bullish momentum in Silver at 17.7290 is intact above 17.60-50, which may push it to 18.00 or even 18.40, but any weakness in Gold may affect the Devil’s metal too.
Brent Crude at 54.52, and WTI Crude Oil at 51.53 are testing their 1st supports now below which the chances of our preferred Northside breakout from their respective 6-wk ranges of 53-58 and 50-55 may weaken respectively near term.
Copper at 2.663 is bouncing back from the 1st support of 2.61 and may trade sideways in the range of 2.61-2.70 for the next few days before the next trending move.