Key Stock Indexes, Crude, Gold and Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: The DJIA and DAX could enter into a pause mode with a short term dip in the coming sessions before resuming the uptrend. Overall equities do not look very strong in here. Watch for indications of resuming the move North. PE
DJIA at 19792.53, -0.60%) came off a bit after the FOMC increased rates by 25bpts. This dip could possibly extend to 19500ish in the next couple of sessions before resumption of The Trump Rally.
DAX at 11244.88, -0.35% finished lower Wednesday and could go lower over the next couple of sessions to test to 11200-11100. The medium term target of 11400-11500 is intact as long as the support at 11000 holds.
Nikkei at 19212.81, -0.21% is trading lower in spite of a sharp rise in USD/JPY to levels above 117 after the US rate hike. While the USD/JPY moves up, and given the positive correlation between the USD/JPY and Nikkei expect a rise in Nikkei too near term.
Shanghai at 3130.90, -0.31% may test support at 3100 before bouncing. We prefer a test to 3100 before moving up towards 3175 again.
Nifty at 8182.45, -0.48% could see a dip Thursday following the other major equities and in case Rupee weakens Vs the USD during the day. A break below 8150 could push it lower towards 8000 near term.
Crude Oil, Gold, Silver & Copper Marktes
Commentary: My immediate Bearish view on the commodities has worked well aided by the 25bpts rate hike by the FOMC and a stronger USD. PE
Gold at 1144.13 is down on strength in the US Dollar (.DXY) Index at 102.21, and may head lower towards 1100 near term. Medium term looks Bearish.
Silver at 16.79 looks stable for now. The fall could extend towards 16.40 near term. Overall we do not expect a sharp move South in Silver.
Brent Crude 53.81, and WTI Crude Oil at 50.84 are down sharply. The fall could extend lower on a rise in .DXY towards 103-104. A dip towards 50 and 48 respectively looks likely inthe in here.
Copper at 2.6135 is in the consolidate mode within 2.75-2.50 range.