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: 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.

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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