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: Almost all major indices have bounced from 1st support marks and may move further North near term.PE

DJIA at 20578.71, +0.85% bounced from support near 20400, a rise towards 20700 is seen near term.

DAX at 12027.32, +0.09% up from 11930 and could move back towards 12100-12200 if 12000 holds.

Shanghai at 3175.86, +0.12% moved up from 3150 and is testing Key resistance near 3175-3180. In case we see a rejection at 3180 could then see a re-test to 3150 or lower. A clear break above 3180 is needed to open way to 3225 near term.

Nikkei at 18585.31, +0.84% is trading higher, the support near 18227 held. Note: could see a slight dip from 18650-18745 region near term which could push price back towards 18230.

Nifty at 9136.40, +0.36%, 9160-9075 is an important near term band. A break on either side will decide the next directional movement. Be prepared for a fall towards 9000 in case of a break below 9100-9075 happens. But, while 9100-9075 holds, we prefer a bounce North medium term.

 

Gold, Silver, Copper & Crude Oil Markets

Gold at 1281 so a correction towards 1260-65 can be expected due to near-term overbought condition. Still expect 1260 to hold for some time as buyers are taking every dip as opportunity to buy. But, again, 1301 -1305 could be where price action has to be checked to assess the chances for move to 1328 to 1350 and higher.

Silver at 17.98 moved lower, and trading range could be 17.70-18.35, the corrective phase could be restricted to 17.60-70, due to near term oversold condition.

Copper at 2.54 is ranged within 2.50-2.66. A close below 2.50 could open up 2.48 and 2.45. Buying at 2.45-48 cannot be ruled out due to near term oversold condition. A break above 2.66, then 2.72 -80 come into consideration.

Brent Crude at 53.06, and WTI Crude Oil at 50.30 moved lower in line with expectation, and are within trading ranges of 52.20-53.60 and 50.30-51.70. Brent Crude may consolidate for few more sessions though the possibility of a decline towards supports cannot be ruled out, but a close below 50.30 could push WTI Crude Oil towards 48.36. Remain Bearish while Brent Crude and WTI Crude Oil are trading below 53.60 and 51.70 respectively.

Have a terrific weekend.

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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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