Key World Stock, Crude, Gold and Silver Markets Briefing
$DIA, $OIL, $USO, $GLD, $SLV
Commentary: Most of the markets waited for the ECB meet Thursday, where President Draghi was expected to extend the asset buying stimulus further, they were disappointed, as he did not come right out with it. But, from the tone, I understood that the ECB stimulus will continue at least until March 2017 and beyond. PE
DJIA at 18526.14, -0.06% gained 30 pts WTD, indicating the slowed inertia of the index in here. Until a fresh stimulus comes to market, the index can continue moving sideways in the range of 18250-700 with the trend up.
DAX at 10752.98, +0.62%) is moving toward the 2016-high at 10800 before the ECB meet Thursday and may mark a fresh high at 11000 soon.
Nikkei at 16971.05, -0.24% remains unchanged in the range of 16700-17150, as it waits for a firm announcement regarding further stimulus from the BOJ.
Shanghai at 3087.41, -0.15% is testing the major support of 3090-80, which must hold to keep the chances of seeing 3140. A failure to sustain above 3080 may push it down to 3040 once again.
Nifty at 8917.95, -0.28% registered a high around 8970, very close to the interim target/resistance of 8980-90, but the correction may extend only on a break below 8910-8890. As long as this support band of 8910-8890 holds, the chances of an immediate bounce back to fresh highs cannot be ruled out.
Crude Oil, Gold, Silver & Copper markets
Commentary: Precious metals may consolidate while Crude Oil is close to resistances, facing the risk of declining again. PE
Gold at 1346.14 struggles around the resistance at 1355-60, as expected and may stay in pause mode here in 1330-60 for a few days more.
Silver at 19.8570 entered a consolidation mode, as expected and the current range of 19.70-20.20 can continue for the rest of this week.
Brent Crude is at 48.69, and WTI Crude Oil at 46.32. If Brent Crude fails to rise above the 1st resistance at 49.00 and WTI Crude Oil above 47.00, then the contraction will be clearer, which may continue for another week or so.
Copper at 2.104 is in a gradual up mode and may see 2.14-15 in the next few sessions.