Key World Stock, Crude, Gold and Silver Markets Briefing
$DIA, $OIL, $USO, $GLD, $SLV
Commentary: The markets trade quietly Thursday as some risk capital was taken off the table Wednesday, ahead of the US NFP employment data Friday. PE
DJIA at 18400.88, -0.29% tested last week’s low around 18330, but remained in the range of 18250-700 waiting for guidance from the US NFPs expected Friday.
DAX at 10592.69, -0.61% retraced some of its gains contrary to expectations, but the Northside chances survive till 10530, below which 10350-00 comes into focus.
Nikkei at 16908.52, +0.13% stalling at the 1st target resistance at 17000 but the near term Northside can be limited to 17150-250. Caution suggested at the higher marks.
Shanghai at 3075.71, -0.32% tested the upper end of the near term range of 3050-90 on due to a better than expected manufacturing PMI, but failure to rise above 3090 may keep it inside the range for a few sessions more.
Nifty at 8786.20, +0.48% is pausing after achieving the 1st target at 8800, and may trade sideways Friday before resuming the uptrend next week. Major support is at 8730-10 and major resistance is at 8840-50.
Crude Oil, Gold, Silver & Copper Markets
Gold at 1317 is trading around the Major support of 1310-00 which may hold if the US NFPs Friday come weak and trigger a bounce to 1350-60. But strong NFPs data may increase the chances of policy tightening and may push Gold lower towards 1250.
Silver at 18.95 is tracing a small triangular pattern, suggesting a sharp move Friday after the NFP data. The bias favors seeing 18.00 first before a bounce from there.
Brent Crude at 45.66 and WTI Crude Oil at 43.17 are off much more than expected, Both Brent Crude and WTI Crude Oil can decline further on this sell off.
Copper unchanged at 2.08, is still trading close to the major support of 2.05 and may see a bounce to 2.10-11 Friday.