Key World Stock, Crude, Gold and Silver Markets Briefing
$DIA, $OIL, $USO, $GLD, $SLV
Commentary: Fed Chairwoman Janet Yellen’s speech and the comments from the Fed Vice Chairman have strengthened the possibility of a rate hike this year weakening the emerging markets after the market digested the percieved hawkish remarks it took a shot at another high on very low volume Monday. As I write this report all 3 US major stock market index futures are flat to unchanged with a silght Bullish Bias, 30 August 3:17a EDT. PE
DJIA at 18502.99, saw a session full of wild swings Friday settling with a minor loss after the Yellen speech. Technically nothing changed with the index still stuck between the major support of 18250 and resistance of 18700 and may continue in this range of 18250-700 for a few sessions more.
Crude Oil, Gold & Silver Markets
The much increased chances of a rate hike in September now at 42% now from the earlier 22% has resulted in the US Dollar (.DXY) index at 95.48 and weakness in all commodities.
Gold at 1316.9 Monday bounced to 1342 before crashing to 1315 after the sharp run up in Dollar. Now the support area of 1310-00 is expected to hold near term and keep the precious Yellow metal in the range of 1300-30 for a while. COMEX Gold is now trading at 1,323.30 oz.
Silver at 18.77 is trading above the support at 18.45, but further decline towards 18.00 cannot be ruled out if the Gold-Silver ratio (71.287) manages to rise and stay above the resistance at 71.30.
Brent Crude at 49.31, and WTI Crude Oil at 47.08 broke above their respective resistances of 50.20 and 48.40 temporarily but returned back into the ranges after the run North in the USD. Now the significant range for Brent Crude is defined as 48.00-51.00 and for WTI Crude Oil, as 46.00-48.50 where the price may stay for a few days more.