Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Sharp Northside moves seen in the DJIA, DAX, Nikkei, Shanghai are Bullish. Nifty may face rejection near term. PE
DJIA at 20504.41, +0.45% rose sharply and is headed towards 20600-20800, as mentioned Thursday. While the US Dollar (.DXY) Index continues to strengthen above 101, see some more rise in the DJIA near term.
DAX at 11771.81, -0.02% trading flat. A break above 11820, could take it towards 11930-12000 medium term. The index looks Bullish near term.
Nikkei at 19473.50, +1.22% has opened higher Wednesday because of some recovery in USD/YEN. The broad sideways range of 18600-19600 is still intact and Nikkei may test resistance at 19600 in the next couple of sessions. A break above 19600 is important to turn further Bullish medium term towards 19900-20100.
Shanghai at 3216.80, -0.04% could test 1st resistance on the daily candles and see some dips before rallying towards 3300. Overall it may move up along trend-line resistance.
Nifty at 8792.30, -0.14% paused near 8800 without any clear direction in here. There is room for consolidation for another 2-session after which it has to resolve on either side. A rise if seen could take it to another 100-200 points higher towards 8900-9000 followed by a sharp correction. Or the index could come off from current marks to re-test 8700 and lower medium term.
Crude Oil, Gold, Silver & Copper Markets
Gold at 1226.46 is in a corrective mode in the range of 1220-1240 but may test medium term support near 1215-10 in the next few sessions.
Silver at 17.9240 is in an uptrend with no momentum. Unless a sharp break above 18.10 is seen in here, a correction to 17.50 may happen in the next few sessions.
Brent Crude at 55.66, and WTI Crude Oil at 52.89 are trading midpoint of their respective ranges of 53-58 and 50-55 with no directional bias and this horizontal movement may continue for a few more sessions.
Copper at 2.746 broke out above Key resistance at 2.80 and faded some, it may remain ranged between 2.70-85 for the next 5-10 days.