Key World Stock, Crude, Gold and Silver Markets Briefing
$DIA, $DAX, $OIL, $USO, $GLD, $SLV
Commentary: The trend for many markets could be determined Friday after the US Fed’s Janet Yellen speech in the Jackson Hole Summit Friday after EDT.
DJIA at 18448.41, -0.18%) traded Thursday with a range of 0.3%, but might see a trend move after the Ms. Yellen speech Friday afternoon at 1:00p EDT. Major resistance at 18700 and major support at 18250-18000. No Bias in here.
DAX at 10529.59, -0.88% spent the 4th session running in the range of 10450-650, DAX must hold above 10450 Friday to keep the Northside probabilities open for a rally towards 10800-11000.
Nikkei at 16448.00, -0.65% tested the lower end of the near term range of 16350-650 today as the consumer prices came worse than expected. If the support 16350 holds, then another bounce to 16600-50 cannot be ruled out.
Shanghai at 3079.36, +0.36% is seeing a bounce after testing the long term support at 3060-50, strengthening the chances of resumption of the major uptrend which will be confirmed on a clear break above 3090.
Nifty at 8592.20, -0.67%) down in line with expectations, but the market Bears still need a break below 8565-50 for a confirmation and open up Southside targets of 8400-8370.
Crude Oil, Gold & Silver Markets
Commentary: All commodities are in consolidation mode, waiting for the US Fed’s Janet Yellen’s speech early afternoon PDT. The possibility of Iraq joining the informal OPEC meet next month has kept Crude Oil at the higher levels, but no strong momentum is seen in the markets yet.
Gold at 1323.57 marked a weekly low at 1317 so far. If Gold manages to hold above 1317 Friday, another bounce to 1350-55 cannot be ruled out, but a clear break below 1317 can push it down to 1310-1300. Wait, Watch.
Silver at 18.6340 tested the support at 18.55-45, but still trades above it, keeping the chances of a recovery to 19.00-20 open. But any break below 18.45 may push it down to the long term support at 18.00. No Bias in here.
Both Brent Crude at 49.49, and WTI Crude Oil at 46.78 are making contracting ranges near term. To resume the uptrend, Brent Crude needs a breakout above 50.20 and WTI Crude Oil, above 48.40. As long as the respective major supports of 48.00 and 46.00 hold, the Northside chances are stronger.