Key Stock Indexes, Crude, Gold and Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: The US and the Japanese markets are taking a breather, the European markets are yet to find any Northside momentum. The Asian markets lack strength in here with China showing signs of fatigue at the higher marks.PE
DJIA at 19121.60, +0.12% is in an uptrend and may rise to the target/resistance of 19300-500 in the next 2-5 sessions. This has been one of the longest stretches of positive days with minimal correction but any sign of weakness in the momentum is yet to be seen, we have dubbed it The Trump Rally.
DAX at 10620.49, +0.36% recovered above the Key support of 10600, reviving the possibility of testing the Key resistance at 10800, as it is waiting for the Italian referendum scheduled for 4 December, following which directional moves will emerge.
Nikkei at 18329.91, 0.12% in pause mode after 3 weeks of Northside action, and as long as support at 18200-18000 holds, the chances of further rise to 19000 is open.
Shanghai at 3263.28, -0.60% is near the Key resistance at 3300 in line with expectations and now a correction to 3250-3200 cannot be ruled out.
Nifty at 8142.15, +0.19% is facing rejection at 8200-50, as long as this resistance holds, the chances of a decline to 7900-7800 is open. Only on a clear break above 8250 can it move higher.
Crude Oil, Gold, Silver and Copper Markets
Commentary: Commodities are mixed. There could some stability near term in the markets before we could see any resumption of the downtrend. Precious metals are Bearish longer term. PE
Gold at 1191.63 bounced from Key support at 1171, while that holds there could be a move North towards 1200, prefer a short consolidation in the 1210-1171 before resumption of the fall.
Silver at 16.60 has support near 15.00-14.50 which is likely to be tested in here, could see a bounce near term.
Copper 2.6220 came off sharply from marks near 2.75. 1st support on the daily is visible near 2.60. May trade in the 2.60-2.75 Wednesday, a clear break below 2.60 can bring Bearishness near term.
Brent Crude at 47.90, and WTI Crude Oil at 46.84 have bounced. Only a break on either side of those marks could decide the further direction. The 50-52 region is Key resistance which may not be easy to break on the Northside.