Key Stock Indexes, Crude, Gold and Silver Markets Briefing

Key Stock Indexes, Crude, Gold and Silver Markets Briefing

Key Stock Indexes, Crude, Gold and Silver Markets Briefing

$DIA, $GLD, $SLV, $OIL, $USO, $CU

Commentary: Stocks paused Monday, and may be setting up for a near term correction. A fall in DJIA, DAX, Nikkei and Shanghai is possible in the near term, the Nifty may try to move up but more likely will move sideways for the week. PE

DJIA at 19097.90, -0.28% paused Monday but could move up in the next couple of sessions towards 19250 before a short correction back to psych support at 19000.

DAX at 10582.67, -1.09% marked a low at 10555 Monday breaking below 10600 for the !st time post the US election. If this holds, see a fall towards 10300-10200 ahead. Near term looks Bearish, as long is Key resistance at 10800 holds.

Nikkei At 18322.58, -0.19% paused and is trying to re-test Key resistance turned support at 18200. We could see continuation of the rally to 19000, or will turn our focus to 17800-17400 medium term.

Shanghai at 3289.46, +0.38% is trading near resistance lat 3300, while that mark holds, could see a fall towards 3250-3225 near term.

Nifty at 8126.90, +0.16% is swinging within the 7990-8200 region for quite a few sessions now and 8000 has not brought selling pressure. Keep in focus 7900-7800 longer term.

 

Crude Oil, Gold, Silver & Copper Markets

Commentary: Commodities are mixed. There could be some stability near term before we could see any resumption of downtrend. Precious metals are Bearish long term. PE

Gold at 1191.63 bounced from Key support at 1171 and while that holds there could be move towards 1200. Not easy to break below 1171 now but if it does could be headed towards 1150 fast. See a short consolidation in the 1210-1171 area before resumption to the Southside.

Silver at 16.60, long term support is at 15.00-14.50, it is likely to be tested in here. But before that test see a bounce from 16 near term.

Copper at 2.6220 has come off sharply from 2.75, 1st support on the daily is near 2.60. We could sees trade in the 2.60-2.75 over Tuesday and Wednesday. A clear break below 2.60 brings fresh Bearishness near term.

Brent Crude at 47.90, and WTI Crude Oil at 46.84 have bounced, but may possibly trade in the 50-46 and 49.50-44 region near term. A clear break on either side could decide the direction. The 50-52 region is a Key resistance zone which may not be easy to break.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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