Key Stock, Crude, Gold and Silver Markets Briefing
$DIA, $DAX, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Stocks are mixed, and trapped in a channel with resistances above current marks. Could see some corrective dip this week. PE
DJIA at 18145.71, -0.09% has seen good buys near 18000 and at the same time is unable to move beyond 18300. The down channel of 18300-17800 is in play with Key support at 18000. While 18000 holds, there could be some price contraction in the 18000-18300 zome for some time. A clear break below 18000 would push it south towards 17900-17800 medium term.
DAX at 10710.73, +0.09% broke the channel resistance near 10600, but may face rejection from marks near 10800 and 11000 respectively. For now, a dip from 10800 can be seen.
Nikkei at 17179.29, -0.03% dipped slightly from below the resistance level near 17400. While that holds a dip back to marks near 17000 is possible. But, a clear break above 17400-17500 could signal fresh Bullishness towards 17700-17800.
Shanghai at 3117.64, +0.86% holding above support at 3075 and while that holds, there is a potential of re-testing 3100-3150 near term.
Nifty at 8693.05, -0.07% is in a down channel and could come off from 8700 over Monday and Tuesday. As mentioned earlier, movement in the 8700-8500 region could continue in here.
Crude Oil, Gold, Silver & Copper Markets
Commentary: All commodities are ranged and may stay sideways for another couple of sessions in here. PE
Gold at 1262.69 is struggling around near term resistance at 1275-80 and ranged in 1260-75 for the last 3-4 sessions. A break below 1260 can see 1240 to the Southside.
Silver at 17.50 has been trading in the range of 17.30-80 for the last few sessions, and may spend a few sessions more there. Major trend is South.
Brent Crude at 51.58 and WTI Crude Oil at 50.51 have been affected by Iraq’s reluctance to join OPEC for any production cut but the corrections so far have been shallower than thought. Therefore another rise towards 54 for Brent Crude and 53 for WTI Crude Oil before a larger correction cannot be ruled. Immediate support is at 51.00-50.70 for Brent Crude and 49.80-50 for WTI Crude Oil.
Copper at 2.098 is bouncing back from the long term support at 2.08, and soon may hit 2.12-15.
Have a terrific week.