Key Stock, Crude, Gold and Silver Markets Briefing
$DIA, $DAX, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Sell-off in the Asian markets seen in the morning trade as Donald Trump beat Hillary Clinton with 288 Electoral College votes. Nikkei is already down 2.23% and the European and the Us markets could see a similar movement in the next session. Kospi and SGX Nifty are down 1.66% and 0.66% respectively. PE
DJIA at 18332.74, +0.40% closed higher and was witnessing a Clinton lead Tuesday. Going with the charts, the 3-day candle has 18400 as an immediate resistance and while that holds, we could see a fall towards 17800 or lower. The Trump win, the Dow could Crash. Note: that the Dow futures are down about 713 points and could reflect in the DJIA tonight.
The DAX at 10482.32, +0.24% was almost stable Tuesday, but could open in the Red Wednesday following the crash in the other Asian equities. A sharp fall could be seen towards 10200-10000 in the coming sessions.
Asia-Pac is trading in the Red.
Nikkei at 16788.90, -2.23% has come down sharply to test support near 16600 which if breaks on the Southside could see marks near 16200 near term. Some chances of a recovery from 16600 may be a possibility.
Shanghai at 3123.60, -0.77% has come off from resistance near 3140-3150, while that holds, near term could test to 3100-3075.
Nifty at 8543.55, +0.55% closed higher Tuesday but could see a gap down opening Wednesday. Apart from the US election results, the abolishment of Rs.500 and Rs. 1000 notes is an add on to instigate a fall in Nifty. A sharp fall to 8300 is possible but will the index break below 8300 just now is to be watched. A break below 8300 could take it straight down to 8150 or even lower. Supports below 8300 are seen at 8150 and then near 7900 respectively. SGX Nifty is 345 points down now.
Crude Oil, Gold, Silver and Copper Markets
Commentary: Precious metals are all up. Crude Oil could see some fall near term. Copper looks Bullish. PE
Gold at 1312.57 rose sharply from 1268 moving up to 1328.5 now, it may move North towards 1340/50 near term before a short correction is seen.
Silver at 18.62 is up and may continue to move towards 19 near term. The Gold-Silver ratio (70.37) came down to test 69 before bouncing. The ratio could remain in the 71-69 region for the next couple of sessions.
Brent Crude at 44.70, and WTI Crude Oil at 43.54 are down with the weakness in the USD. WTI Crude Oil is yet to test support at 42.75 and could possibly come down further near term.
Copper at 2.3385 is up sharply and could move higher towards 2.40-2.50 near term if support at 2.35 breaks.