Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: DJIA and DAX are trading higher, DAX and Shanghai looks Bullish near term. Nikkei is consolidative. Nifty sees Key resistance just above current marks.PE
DJIA at 20775.60, +0.16%, and DAX at 11998.59, +0.26% are trading higher. Watch price action in DJIA near 20800 which is 1st resistance and could produce small rejection near term. DAX looks Bullish towards 12090- 12100 marks.
Nikkei at 19312.07, -0.35% stable lacking momentum now. Ranged in 19000-19620, and difficult to get any immediate directional clarity unless see a break on either side of that range.
Shanghai at 3251.59, -0.30% trading perfectly within the daily up-channel and while that holds, could see a rise towards 3275-3300 in the coming sessions with some small intermediate dips. Overall trend is North near term.
Nifty at 8926.90, +0.21% tested the prior high near 8968 seen on 16 September, and while that could act as 1st resistance, could see a corrective fall from current marks towards 8700. Only a clear break above 9000, if seen negates a immediate correction from current marks.
Crude Oil, Gold, Silver & Copper Markets
Gold at 1237 and Silver at 17.98 are trading within their ranges of 1217-47 and 17.60-18.35 respectively: no directional bias. A clear break below 1226 in Gold, and 17.90 in Silver could open up the lower bands of the channels.
Copper at 2.71 unable to close above its pivot of 2.76 of its recent trading range of 2.60-83, though it is holding its upward trend line support at 2.68-70 since 16 October. A close below that could open up a path to 2.55-60.
Brent Crude at 56.29 and WTI at 54.06 are both trading within their respective ranges of 54-59 and 50-56. Today we have US Crude Oil inventories data, which may add volatility.