Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: DJIA, DAX and Nikkei could face resistances above current marks and could possible come off by the end of the week, Nifty and Shanghai looks Bullish for now. Nifty is heading towards Key resistance from where it may come off sharply too. PE
DJIA at 20269.37,+0.48% looking for 1st resistance at the 20300-20400 region, which could push off and then drive the index back towards 20000 near term.
DAX at 11666.97, +0.21% trading at strong resistance of 11700 and could turn Bullish towards 11820-11930 on a clear break above that resistance. In case 11700 holds, see some consolidation in the 11700-11500 zone again.
Nikkei at 19500.91 +0.63% may test 19615/20 before coming off a bit, a clear break above 19620 shifts my focus to higher marks near term.
Shanghai at 3209.83, +0.41% broke above 1st resistance at 3200 and is now headed towards 3225-3300 marks near term. The index looks Bullish on the 3-day candle.
Nifty at 8793.55, +0.17% has room on the Northside towards 8900 after consolidating last week. The index looks strong towards 8900-9000 near term from where a sharp correction is possible on a turn back.
Crude Oil, Gold, Silver & Copper Markets
Gold at 1230.09 holding above 1220, now may test 1240-50 in here, then trade in the range of 1220-1250 during this week.
Silver at 17.94 rallied to my near term target/resistance at 18.00-10 sooner than expected, so it may stall and correct in here. A consolidation in the range of 17.50-18.10 is likely this week.
Brent Crude 56.73 and WTI Crude Oil at 53.87 are approaching the higher end of their medium term ranges of 53-58 and 50-55. It remains to be seen if profit taking happen at the higher marks again, and kee the ranges intact.
Copper at 2.81 saw a breakout above the medium term resistance of 2.75-80 as the supply from the 2 largest mines of the world has been shut down. With this momentum, it may rise to 2.90-95 very soon.
Have a terrific weekend.