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: A pause to refresh? PE

DJIA 19123.58, +0.01% testing interim resistance at 19250, no pause is seen in here. The Bulls look to be intact and a clear break above 19250 The Trump Rally extends towards 19300-500 near term.

DAX at 10640.30, +0.19% trading above 10600 and can re-test 10800. For now will remain with the consolidative POV within 10800-10600 zone.

Nikkei at 18722.38, +2.26% bouncing from resistance turned support at marks near 18200 on the 3-day candles and looks Bullish near term. It could rally towards 19000 + medium term if the rise continues.

Shanghai at 3269.27, +0.59% trapped in 3300-3250 range, it needs to break on either side to confirm direction. While the resistance at 3300 is more likely to hold, see a bias to a Southside break near term.

Nifty at 8224.50, +1.01% recovered from Key support at 7900 on the daily and is nearing the previous support turned resistance at 8300, we need to see price action near 8250-8300 if there could be another down leg coming in soon.

 

Crude Oil, Gold, Silver & Copper Markets

Commentary: The OPEC was successful in overcoming the disagreements between its 3-largest Crude Oil producers Saudi Arabia, Iran and Iraq in its meeting yesterday, agreeing to the first cut in production in almost 8 years. The OPEC has agreed to a reduction in output by about 1.2-M BPD by 17 January. PE

Both Brent Crude 51.89, and WTI Crude Oil at 49.55 testing interim resistance near 52.0-52.50 and 50.53 respectively. If  prices are able to break above these marks, could see a rise towards 55 and 52 near term.

Gold at 1169.51 broke below 1st support at 1171 and now the Bears are gathing more momentum and could take the prices down towards 1150-1120 in the coming sessions.

Silver at 16.408 in a consolidative mode could move South to test long term support near 15.00-14.50 medium term. 1st support near 16 may hold for some more time before a Southside break is seen.

Copper at 2.6350 bounced from support on the 3-day and is likely to remain choppy in the 2.75-2.45 area for a while, 3.00 is the psych resistance, so not looking for a break on the Northside now.

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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