Key World Stock Markets Briefing
$DIA, $DAX, $GLD, $SLV, $USO, $OIL
Commentary: Stagnant retail sales data in US has reduced the expectations of a rate hike by the US Fed this year, keeping the risk appetite high.
DJIA at 18636.05, +0.32% has managed in the last 3 wks just +0.3%. If a run to to 18900-19000 is not seen this week, see a visit South to 18250-18000 coming.
DAX at 10739.21, +0.24% may retrace from 10900-11000 to 10600-500 this week before resuming its rally.
Nikkei at 16827.09, -0.25% is struggling near the resistance of 17000-300, a clear break below 16800 may weaken the index more, especially if JPY (100.56) keeps strengthening towards 100 or lower.
Shanghai at 3116.60, -0.28% broke out to a 7-month high and may outperform all other markets near term. The 1st target is 3160-80 but higher targets of 3290-3350 in the next few weeks cannot be ruled out. Major support is seen at 3050.
Nifty at 8672.15, +0.93% is testing the Major resistance area of 8660-80 now but with a net gainer of just 0.3 in the last 2 weeks, it is hard to be very optimistic in here. Though the index can still test 8800-8850 if it manages a close above 8680-90, caution is the watch word in here.
Crude Oil, Gold & Silver
Commentary: Topping formation possibility in the Crude Oil markets cannot be ruled out but precious metals are in “rest” mode now.
Both Gold at 1345.66, and Silver at 19.90 are trading sideways with low volatility in their markets, as expected and the range of 1330-70 for Gold and 19.20-20.70 for Silver should remain intact for the next 1-3 sessions.
Both Brent Crude 48.00, and WTI Crude Oil at 45.44 have marked near term targets, but the current high of 48.50 for Brent Crude and 46.00 for WTI Crude Oil are very strong resistances now, which may be very difficult to break above anytime soon. Though the trend remains up in here, keep watch for any sign of probable near term Topping formation in here.