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: Nothing new: PE

DJIA at 20404.49, -0.58% closed below 20410, the immediate price momentum indicates the possibility of a further fall towards 20250-20200 in the next 1-2 sessions.

DAX at 12016.45, +0.13% trading just above 1st support at 1960-11930, and while that holds, a bounce towards 12200 is possible near term.

Shanghai at 3167.59, -0.12% faces Key resistance near 3175/3180, while the price stays below 3175, there is the possibility of testing to 3100.

Nikkei at 18489.05, +0.31% could stay in the 18200-18600 zone this week. But, alert for another down-leg below 18200 medium term.Nifty at 9103.50, -0.02% marked an intra-day low at 9075 Wednesday, now look for a fall to 8900- 9000 medium term before a relief bounce.

 

Gold, Silver, Copper & Crude Oil Markets

Commentary: Nothing new. PE

Gold at 1281 moved lower in line with expectation. More correction towards 1260-65 can be expected due to near-term overbought condition. Look for buyers at every dip as they see Northside opportunity. 1305 could be a mark where the price action has to be checked to assess the chances to move up to 1328 – 1350.

Silver at 18.15 closed below support at 18.30, and could see 17.70 in here, so remain Bearish while it is trading below 18.30. We think that the corrective phase could be held to 17.70-80 becuase of near term oversold conditions.

Copper at 2.51 is ranged within 2.50-2.66. A close below 2.50 could open up 2.48 and 2.45. Gradual buying at 2.45 cannot be ruled out due to near term oversold conditions.

Brent Crude at 52.59 and WTI Crude Oil at 50.09.

Note: Wednesday, Crude Oil prices fell, hitting their lowest in 11 days as EIA report said shale Oil output in May was expected to post the biggest monthly increase in more than 2 years.

Increase in US Crude Oil inventories is raising a concern whether the United States will remain the world’s biggest importer, which is a price supporting indicator, or if its soaring production and bloated stocks lead to lower imports and trigger shipments to the rest of the world, which would weigh on Crude Oil markets world wide.

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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