Key Stock Indexes, Crude, Gold and Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: The Bulls are back in stocks and a near term rally is happening. DAX has surprised the markets and is ready to end the year on a positive note. DJIA and Nikkei have risen nicely and set up for extension of the current Trump Rally for a few more sessions. Shanghai looks stable in here. PE.
DJIA at 19614.81, +0.33% moves higher, there is no immediate resistance in here. While the index moves up may see a rise towards 21000.
DAX at 11179.42, +1.75% moved up and is headed towards 11200, expect a pause near 11200, but if that does not happen, see an extension of the rally towards 11400-11500 before coming off.
Nikkei at 18953.50, +1.02% has broken above the resistance at 18745. While this rally continues it can easily move up to 19000-19500 near term.
Shanghai at 3226.03, +0.33% is trying to move up to the 3225-3230 area. In case it breaks higher, may target 3300-3325 near term. If 1st resistance near 3230 holds, it may come off towards 3175.
Nifty at 8246.85, +1.79% looking to re-test support turned resistance at 8300, if it holds, may push it back to 8000, but if it manages to break and hold above 8300, it may move North towards 8500 next week. But if there is a break above 8300, then see a Bearish move to 8150-8000 near term.
Crude Oil, Gold, Silver & Copper Markets
Commentary: Commodities are mixed. Metals look Bearish long term, Crude Oil looks Bullish. Near term the commodities may remain quiet to choppy near current marks for some more time before following the stronger trend. PE
Gold at 1167.42 could remain stable in the 1180-160 region before heading to lower marks. While the trend is clearly pointing South, the Bears seem in pause mode setting up for a sharp decline medium term. Expect some consolidation in the 1160-1180 area before a sharp break on the Southside is seen again.
Silver at 16.944 came down as expected. Note that the 17.30-17.50 is interim resistance, which if holds could push the prices back towards 16.00.
Brent Crude at 53.81 and WTI Crude Oil at 50.93 recovered some after the ECB Thursday on some strength in the USD. Crude Oil prices could remain choppy for now within 48-55 before we could see a break to the Northside.
Copper at 2.6485 may consolidate in the 2.75-2.60 zone near term.
Have a terrific weekend.