Key World Stock Markets Briefing
$DIA, $DAX, $GLD, $SLV, $USO, $OIL
Almost all the markets are in a pause to refresh mode.
The Indian markets are waiting for the last RBI policy meet with Rajan as governor, where no change is expected.
DJIA at 18529.29, -0.08% paused after the gains of the previous session and could resume the rally in a day or 2 for 18900-19000. Immediate support unchanged at 18400. However, if this pause turns into a reversal then expect a retrace to fill the 28 June gap open at 17, 285.
DAX at 10432.36, +0.63%) is struggling near the resistance at 10500 as expected and may spend some time in the range of 10100-500 before attempting further rise to 10800 or fall to the 9900 area.
Nikkei at 16669.12, +0.11% is protecting the recent gains, but will need JPY (102.34) to weaken below 103 to reach the higher marks of 16800-17000.
Shanghai at 3008.35, +0.14 broke above Key resistance at 3000 to open up the possibility of seeing 3050 near term, if it manages to stay above 3000-2990 for the rest of this week.
Nifty at 8711.35, +0.32% could rise to 8775-8800 this week, depending on the policy meet Tuesday, but there are some warning signs on the charts that signal caution, especially at this overbought state in the index.
Crude Oil, Gold & Silver
Unless there is a pullback in Dollar Index currently at 96.38, the precious metals are not seeing any relief.
Gold at 1334.71 seeing some short covering and minor buying interest around the band of 1335-25, but further selling can push it South to Key support at 1305-1290.
Silver at 19.7170 is consolidating at the lower marks with chances of seeing 19.50-20 by the end of the week.
Brent Crude at 45.08 broke out above the channel resistance at 44.50, and may test the next resistance at 46.00-20 now which mustovercome to extend the rise to 48.00.
1st resistance for WTI Crude Oil at 42.85 comes at 44.30-50, then at 46.50. It must be noted that there is a fair chance of the current rally ending in the range of 46-48 for Brent Crude and 44.50-46.50 for WTI Crude Oil and a correction for a week or 2 may occur.