Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: World stock markets react positively to the US President Donald Trump’s speech Tuesday. Almost all indexes are trading higher and looks Bullish near term except Nifty which is trading at Key marks, and is yet to decide on near term direction. PE
DJIA at 21115.55, +1.46% rose sharply breaking above 1st resistance on the 3-day candles, looking for a Northside move towards 21300-21600 near term. The Trump Rally likely to continue in coming sessions.
DAX at 12067.19, +1.97% moved up sharply to test early target at 12000. It could continue to move up towards 12200 before a pause to refresh.
Nikkei at 19643.62, +1.29% broken from the contracting phase to move North, while that holds, it could rally towards 20000 near term. This has negated expectation of a fall and could take up USD/JPY to higher marks near term.
Shanghai at 3240.00, -0.21% trades slightly lower Thursday, but overall is contained within the near term uptrend. While holding above 3225, there is room for an up move towards 3275-3300 medium term.
Nifty at 8945.80, +0.75% trading below Key resistance, and looks to be consolidating now. Expect a corrective dip near term unless a confirmation above 8960-9000. A break above 9000 could turn Very Bullish in the coming weeks.
Crude Oil, Gold, Silver & Copper Markets
Gold at 1247 is hanging around the pivot (1246) of its trading range at 1217-1274. Recent strength in The US Dollar (.DXY) (101.89) could push the precious Yellow metal towards 1217. A close below 1230 could dampen upward momentum.
Silver at 18.32 is holding Key support at 18, remain Bullish as long as it is holding. Defiantly the Bullish momentum become weak and a possibility of a decline towards 18 cannot be ruled out. A close below 17.80 could be a trend reversal.
Copper at 2.74 trades around its pivot at 2.75 of its trading range 2.60-83. It is holding its upward trend line support at 2.65-68 since 16 October.
Brent Crude 55.560, and WTI Crude Oil 53.74 both are trading within their narrow ranges of 55-56.10 and 53-5461 with no directional bias. Surplus of 0.6-M bbl in US weekly Crude Oil inventory (1.5-M) has impacted negatively on Crude Oil markets prices.
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