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: Worldwide stocks are mixed. Nikkei, Shanghai are trading near Key resistance marks and could come off near term while DJIA has some more room to move North medium term if it breaks the 1st resistance above current marks. DAX is trapped in the 4-month trading range and may continue for a couple of more weeks. Nifty may come off near term. PE

DJIA at 19191.93, +0.36% is up a bit, but continues to trade near important marks, 19200-19250 is interim resistance which if holds could lead to a pause to refresh near term. Medium term target is 19400-19500 if it breaks above 19250.

DAX at 10534.05,-1.00% showing signs of weakness as the bounce from 10600 could not hold, as long as it holds below 10600, am Bearish near term to 10400-10200. The broad sideways action between 10200-10800 is holding since 16 August, unless we see a sharp break North or South, it is difficult to predict direction. The consolidation may continue for a couple of weeks.

Nikkei at 18402.66, -0.60% posted an intra-day high of 18746 Thursday but could not hold, and came down to close at lower and could move down to 18200-18000 again. Note: the 18745-19000 is the Key resistance zone and may hold near term. If Nikkei comes off, it could limit Yen (113.92) weakness near term.

Shanghai at 3262.94, -0.32% holding below Key resistance at 3300, and 1st support on the daily is also holding well now. Waiting to see if it is able to break to the Southside to test 3250-3225 near term.

Nifty at 8192.90, -0.38% may come off from 8300 to re-test 8150-8000 near term. As long as the 7900 support holds, expect some trade in the 7900-8300 area medium term.

 

Crude Oil, Gold, Silver & Copper Markets

Commentary: Crude Oil markets are Bullish. Copper and Silver may consolidate for a while. Gold may see a bounce, looks weak in long term. PE

Gold at 1173.80 is up early Friday. Unless a sharp bounce happens, seeing a fall towards 1150-1120 ahead. If a bounce could target 1200-1210 before resuming the fall back to current marks.

Silver at 16.58 stable and remain above 16 near term.

Gold-Silver Ratio (70.71) is headed down and could test support near 70.00-69.80 near term before bouncing back.

Both Brent (53.54) and WTI (50.89) reached close to our immediate targets of 55 and 52 respectively but are trading lower now. Both 55 and 52 needs to break on the upside to initiate near term rally. Else if the current resistances hold, we could see a fall back to levels near 50 and 49 respectively. Our preference is on the upside with a medium term target of 60 for Brent.

Copper at 2.6155 trading at support levels on the 3-day chart, while that holds, it could re-attempt to 2.75. A break below current marks could take it down to 2.50. Sideways movement in the 2.45-2.75 is possible medium term.

Have a terrific weekend.

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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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