Key Stock Indexes, Crude, Gold & Silver Markets Briefing

Key Stock Indexes, Crude, Gold & Silver Markets Briefing

Key Stock Indexes, Crude, Gold & Silver Markets Briefing

$DIA, $GLD, $SLV, $OIL, $USO, $CU

Commentary: None

DJIA at 20812.24, -0.12% paused near current marks making a small Red-candle after a long rally from levels near 20061. We may expect a small corrective dip possibly towards 20600 levels before again bouncing higher. Though post-Donald Trump’s speech to Congress, the futures are trading higher, and we may have seen the “small dip” we will see.

DAX at 11834.41, +0.10% is finding it difficult to move up above 11860 in here and could possibly trade sideways for a couple of sessions before moving North towards 12000.

Nikkei at 19222.56, +0.54% trades flat, but may be ready for a break out in the next few sessions on either side of the 19400-19000. In case it breaks South, it would support the resistance on USD/JPY near 113.75.

Shanghai at 3257.02, +0.47% trade slightly higher Wednesday, and could move towards 3275 near term. Failure to move above 3275 near term could indicate some sideways movement within the 3225-3275 range in here.

Nifty at 8879.60, -0.19% closed exactly at the 8880 called as the lower limit of the 8960-8880 range. A close below 8880, if seen could confirm the start of a near term corrective dip that may extend towards 8800 or lower medium term.

 

Crude Oil, Gold, Silver & Copper Markets

Gold at 1247 moved lower in line with expectations and trading within its Bullish trading range of 1217-1274. A close below 1230 could dampen its upward momentum.

Silver at 18.32 holds Key support at 18, a possibility of a decline towards 18 cannot be be ruled out.A close below 17.80 could be a trend reversal.

Copper at 2.71 was unable to close above its pivot at 2.75 of its recent trading range of 2.60-83, it is still holding its upward trend line support at 2.68-70 since 16 October .

Note: US ISM Manufacturing PMI data at 8.30a EST, which could influence the price of Copper and Silver markets.

Brent Crude at 55.59, and WTI Crude Oil at 54.11 both are trading within their narrow ranges of 55-57.60 and 53-55 with no directional bias.

Note: US Crude Oil inventory data at 9.00a EST.

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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