Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: None his morning: PE
DJIA at 20054.34, -0.18%, has not got the momentum for a sharp rise from these marks. But, the possibility of rising to 20200 near to medium term is in the cards, but for not it is in consolidation mode for the 20200-20000 move.
DAX at 11543.88, -0.05% is trading below resistance at 11928, so may see a test to support at 11400 in the next few sessions. A bounce from 11400 is expected then near term.
Nikkei 18976.16,-0.17% continues stable, the 1st support near 111.36 holding on USD/JPY at 111.36-112.60. Nikkei could find it hard to make a sharp break on either side of the range at 19258-18651. Near term feels consolidative.
Shanghai at 3180.57, +0.41% broke above the daily candle resistance at 3160, next resistance is coming at 3200 which is Key to decide on medium term direction. Looking at the weeklies, see a conflict between resistance at 3200 and a possible rise towards 3400. A small dip from 3200 is possible before finally breaking on the Northside in the longer run.
Nifty at 8769.05, +0.01% rose above 8750 in 2-H of the session Wednesday after the RBI kept rates unchanged. So, expect some strength towards 8800-88500 near term. Overall trend is up.
Crude Oil, Gold, Silver & Copper Markets
Gold at 1240.80 in rally mode this year, indifferent to its overbought condition. With the momentum not flagging yet, consider a move to 1275-80 if it manages a break above 1250 in here.
Silver at 17.75 is still in an uptrend but the gradual loss of momentum may encourage the Bulls to come back in to ride the back of Gold higher, but any weakness in Gold may push it below support at 17.60 towards 17.20 fast. Caution is recommended in here.
Both Brent Crude at 55.36, and WTI Crude Oil at 52.56 bounced back from respective supports in line with expectations. Thus, keeping the chances of our preferred Northside breakout from their respective 6-wk ranges of 53-58 and 50-55 open in here.
Copper at 2.672 trading sideways in the range of 2.61-2.70 as expected, that may continue for a few more day.