Key Stock Indexes, Crude, Gold and Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: November was volatile in the major world stock markets, December could be the month for some recovery of the movements seen in November. After the sharp rally in Nikkei, Shanghai and DJIA, there could be some losses seen in the coming sessions, while the fall in Nifty could recover. DAX could remain stable but may try to move up near term. PE
DJIA at 19216.24, +0.24% made an intra-day high at 19274 Monday, but came off from there to close at lower. There could be some movement in the 19300-19100 region for the next couple of sessions before resuming the move North.
DAX at 10684.83, +1.63% saw a sharp and unexpected recovery possibly due to strength in the single currency at 1.0763 Tuesday. But the channel resistance near 10800 still holds. We may see a re-test of 10800 near term. Only a clear break on either side of the 10800-10200 region will we get some confirmation of direction.
Nikkei at 18368.42, +0.51% trading lower after opening higher at 18457 Wednesday. It could possibly come off towards 18250-18000 in the near term before again bouncing back towards current levels.
Shanghai at 3208.52, +0.12% came off as expected and could fall towards 3175 in the coming sessions. A break below 3175, if seen could take it down medium term to support at 3125. Near term: Bearish.
Nifty at 8128.75, +0.52% recovered Tuesday from the initial fall towards 8056. It could re-test 8200-8250 in the coming sessions before coming off towards 8150-8000. While below resistance near 8300-8250, the Southside chances to 7900 are open near term.
Crude Oil, Gold, Silver & Copper Markets
Commentary: Precious metals and Copper looks Bullish near term but could see a sharp fall after. Crude Oil may come off from weekly resistances near current marks. PE
Gold at 1173.59, and Silver at 16.855 are stable, there is room to move North on fresh USD weakness seen Tuesday, the metals do not seem to be impacted much in here. Silver may possibly rise towards 17.0-17.50 but Gold could stay quiet. While below 1200-1190, Gold looks Bearish towards 1150 medium term.
Brent Crude at 54.54 marked an intra-day high of 55.30 but could not hold weakness in the USD. There could be some consolidation in the 55.50-53.50 region, longer term, Brent Crude looks Bullish.
Both Brent Crude and WTI Crude Oil at 51.21 have Key weekly resistances just above current marks and it needs to break in order to move further up in here. There could be some correction near term before breaking above current resistances.
Copper at 2.6835 is nearing 2.75 in here, am open for a move towards 2.75-3.00 from where a sharp fall is expected. Long term resistance is at at 3.00, not easy to break near term.