Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
DJIA at 21005.71, +0.01% may test 20750 or lower before heading towards 21500 again medium term, 1st resistance near 21200-21500 may hold for a couple of sessions. Overall the medium term trend is North.
DAX at 12027.36, -0.27% came off from resistance on the daily candle near 12090 and while that holds, expect a dip towards 11900 in here. Overall view is Bullish. Only on clear a break below 11900, will I focus on lower marks at 11800-11700. For now keep open chances of testing 12100-12170, while above 11900.
Nikkei at 19373.60, -0.49% came back to marks below 19400 after staying at higher levels for 2-sessions. Was this a false break on the Northside? If so, there could be a fall towards 19200-19000 marks in the medium term, a bounce back to marks above 19400 should drive it higher in line with expectation.
Shanghai at 3229.22, +0.34% is testing the 21-Day MA as an immediate support, if that holds could see a bounce back towards 3275 and higher medium term. View is Bullish in here.
Nifty at 8897.55, -0.02% faced rejection from marks near 9000, but is stuck in the 8850-9000 zone for the last few sessions. While Key resistance near 9000 holds, expect a fall towards 8800 or lower near term. Note: there could be some consolidation within the 8800-9000 area for a while..
Crude Oil, Gold, Silver & Copper Markets
Gold at 1234 is trading within its sideways range of 1212-1275. Unless it manages to close above 1247-50, it will be hard for Gold to move higher.
Gold/WTI Ratio is at 23.02 with resistance at 23.50, it can come down towards 21 or lower.
Silver at 17.83 is holding its upward trend line support at 17.62.A close above 18 could show the way to 18.60. A close below 17.45 may signal atrend reversal.
Copper at 2.68 is hanging around its pivot 2.768 of its recent trading range of 2.60-83. It is holding its upward trend line support at 2.65-68 since 16 October
Brent Crude at 55.59, and WTI Crude Oil at 53.12 are both trading within their ranges of 54-58 and 52-55 with no directional bias. Weekly Brent-WTI spread is at 2.13, support at 2, may bounce back towards 2.5-3.
Have a terrific week