Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Dip seen in almost all indexes, could be temporary. Shanghai, DAX and DJIA could recover to extend further gainers next week, do need confirmed price action from Nifty for further direction. PE
DJIA at 21002.97, -0.53% broke above the Key resistance at 21000, came down now to test. In case the index moves below 21000, it would be difficult to continue The Trump Rally just now and we could see some correction towards 20750-20500 before a bounce. While DJIA holds above 21000, there is a Northside potential towards 21300 and higher near to medium term. Note: Next support is seen near 20750.
DAX at 12059.57, -0.06% is stable, but could rise towards 12100-12170 before seeing a dip. Note; 1st resistance is visible on the daily candles, if it hold, could prevent an immediate rise above 12090. Watch price action near current marks.
Nikkei at 19538.15, -0.14% trades above 19480, while that holds expect a stable movement within 19480-19750. Medium term, the index may resolve on the Norhtside.
Shanghai at 3211.34, -0.58% has fallen sharply, breaking the immediate uptrend on the daily candles, do not expect a fall below 3175. A bounce early next week is possible driving back towards 3250.
Nifty at 8899.75, -0.51% made an intra-day high of 8992 before coming off to close below 8900. If the index is unable to break above 9000 in here, then expect a sharp fall from this mark. If not, a confirmed and sustained move above 9000 is necessary to turn Bullish.
Crude Oil, Gold, Silver & Copper Markets
Commentary: Recent strength in the US Dollar (.DXY) Index (102.08) impacted negatively across all the commodities. PE
Gold at 1232 broke its pivot at 1247 of its trading range of 1215-1274. 1st support is at 1230 and from there it may correct back towards 1244. A close below 1230 could be trend reversal.
Silver at 17.76 is trading below its Key support of 18 and hanging around its long term trend line resistance at 17.60.
Copper at 2.67 is holding Key support at 2.60, the Bullish momentum become weak and a possibility of a decline towards 2.60 cannot be ruled out.
Brent Crude at 56.59 almost unchanged within its recent trading range of 54.20-57.5 but WTI Crude Oil at 55.76 fell Thursday and is trading just above its Key support at 55.45. A close below that mark could open the path to 51.