Key Stock, Crude, Gold and Silver Markets Briefing
$DIA, $DAX, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Only Shanghai is trading in the Green amongst the other indices and looks to rise near term. But majorly other indices look Bearish with supports just a few sessions away from current levels. There could be an increase in volatility near term with all eyes on the US Elections next week. PE
DJIA at 17930.67, -0.16%, and DAX at 10325.88, -0.43%) continue to fall, and are heading towards support near 17800 and 10200 respectively. These supports must hold near term, or else the indices are vulnerable to a sharp decliner long term.
Nikkei at 16888.77, -1.44% is headed towards support at 16600 and is Bearish in here. A bounce from there could take it back to 17000.
Shanghai at 3132.57, +0.12% re-tested the resistance at 3130 and looks ready to break to the Northside. If it holds above 3130, it may target 3150-3200 near term.
Nifty at 8484.95, -0.34% broke below Key support at 8500 similar to that in DJIA. Immediate support is visible near 8400 and below that comes 8300 that is likely to hold near term.
Crude Oil, Gold, Silver & Copper Market
Commentary: Precious metals have paused. Crude Oil looks Bearish near term with supports coming up a little lower than current marks. Copper may test resistance near term. PE
Gold at 1300.63 paused below 1310 in here. Note that 1310-1315 is immediate resistance and may hold for now. Some sideways movement in the 1292-1310 region is possible. We wait for the US Election results early next week to decide on further direction. In case Donald Trump wins, we could see sharp fall the USD which drives Gold sharply higher. Need to wait till then to confirm the directional movement.
Silver at 18.283 dipped Thursday and is trading low. Movement within 18.24-18.90 is possible in the near term. Key resistance is at 19.
Brent Crude at 46.46 continues to fall and has almost retraced the whole up move from marks near 45 to 53 that started in September. There is an important support zone at 45.66-45.00, and is likely to hold near term. We could see a bounce back towards 48 and higher after the test of the support zone early next week.
WTI Crude Oil at 44.79 is extending its fall, and could test 42.75 on the Southside before bouncing maybe.
Copper at 2.2395 broken the 1st resistance on the weekly, and is headed towards 2.30. But looking at the daily candles, it needs to break above 2.25 to move towards 2.30. Key marks to watch are 2.25 and 2.30 near term.