Key World Stock, Crude, Gold and Silver Markets Briefing
$DIA, $OIL, $USO, $GLD, $SLV
Commentary: All the markets may trade quietly Thursday as some risk capital was taken off the table Wednesday, and may continue Thursday before the US NFP employment data Friday. PE
DJIA at 18400.88, -0.29% tested last week’s low around 18330, but conntinued in the range of 18250-700 waiting for guidance from the US NFP employment data on Friday.
DAX at 10592.69, -0.61% has retraced some of its gains against expectations, but the Northside chances survive till 10530, below which 10350-00 comes into view.
Nikkei at 16908.52, +0.13% stalled around the 1st target/resistance of 17000 but the near term Northside can be limited to 17150-250. Caution is suggested at these higher marks.
Shanghai at 3075.71, -0.32% tested the upper end of the near term trading range of 3050-90 on better than expected manufacturing PMI, but failure to rise above 3090 may keep it inside the range for a few more sessions.
Nifty at 8786.20, +0.48% is pausing after achieving the immediate target of 8800, and may trade sideways Thursday before resuming the uptrend Friday. Major support at 8730-10 and resistance at 8840-50.
Crude Oil, Gold, Silver & Copper
Gold at 1309.95 is trading around the Major support of 1310-00 which may hold if the NFP data tomorrow comes weak and trigger a bounce to 1350-60. But strong NFP data may increase the chances of policy tightening and could drive Gold lower towards 1250.
Silver at 18.70 is forming a small triangular pattern, suggesting a sharp move by Friday after the NFP data. The bias favors seeing 18.00 1st before a bounce from that mark.
Note: The much higher than anticipated US stockpiles data surprised the Crude Oil market Wednesday.
Brent Crude at 47.08, and WTI Crude Oil at 44.92 both dove deeper than expected, Brent Crude can decline further towards major support at 46.40-30 before a bounce to 47.00-48.00 comes. WTI Crud Oil can test the 1st support at 44.25, a break below which 43.70-50 comes into view.
Copper at 2.087 is almost unchanged, still trading close to the Major support at 2.05 and may see a bounce to 2.10-11 by Friday.