Key Stock Indexes, Crude, Gold & Silver Markets Briefing

Key Stock Indexes, Crude, Gold & Silver Markets Briefing

Key Stock Indexes, Crude, Gold & Silver Markets Briefing

$DIA, $GLD, $SLV, $OIL, $USO, $CU

Commentary: Overall the major world market stock indexes are trading higher and look strong on the week. PE

DJIA at 20412.16, +0.70% broke above the 20400 mark without seeing any rejection. The Bulls look strong and if it maintains above 20400, it could move up towards 20600 or higher near term. A rejection from either 20600 or 20800 is possible, while it remains above 20400.

DAX at 11774.43, +0.92% moved up too, but could not break above 11820 Monday, may see a test at 11820-11930 in the next few sessions before coming off again.

Nikkei at 19431.46, -0.14% traded a bit lower today. Resistance near 19620 may hold near term pushing it back to 19260 or lower. Overall the broad 19000-19620 region could be the trading band for the next few sessions.

Shanghai at 3213.19, -0.10% looks positive, while above 3200, it can continue the rally towards 3300 near term.

Nifty at 8805.05, +0.13% could test 8900-8970 near term before a corrective dip is seen, the trend is North.

 

Crude Oil, Gold, Silver & Copper Markets

Gold at 1226.46 weakened a bit due to a firm USD (.DXY) at 100.97, but medium term uptrend is intact as long as major support of 1205-1200 holds. This week may see a continued sideways consolidation in the range of 1220-50.

Silver at 17.85 is stalled near the resistance at 18.00-10 as expected, near term weakness would be confirmed on a break below 17.50. So, it can oscillate in the narrow range of 17.50-18.10.

Brent Crude at 55.78, and WTI Crude Oil at 53.08 both have suffered rejection at the higher end of their ranges as expected which keep the medium term broader ranges of 53-58 and 50-55 intact. This sideways consolidation may continue for the rest of this week.

Copper at 2.79 is consolidating the sharp gains made this week, but to keep the Bullish momentum intact and higher targets of 2.90-95 open, it must hold above the interim support of 2.75 to keep those prices in sight.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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