Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: None. PE
DJIA at 20858.19, +0.01% made an intra-day low to 20777, just above Key support 20750 and closed the session higher. Sideways consolidation is possible in the next few sessions with a possibility of seeing some more decline near term.
DAX at 11978.39, +0.09% is holding above the daily trend support, while that holds, could see a rise towards resistance near 12100-12200.
Nikkei at 19578.92, +1.35% could come off near term from 19620 to re-test near 19400 or lower. While the US-Japan bond yield spread gives indication of a sharp fall from crucial resistance levels, the immediate upside for Nikkei could be limited.
Shanghai at 3217.12, +0.01% traded lower as expected and could move down towards 3175 or consolidate within the 3250-3200 area for some more time.
Nifty at 8927.00, +0.03% is stuck within the 8970-8880, and may remain sideways Friday. The election results Saturday could trigger some movement next Tuesday as Indian markets will be closed Monday for HOLI.
Gold, Silver, Copper & Crude Oil Markets
Gold at 1199 shifted into a new Bearish trading zone of 1128-1226. Weekly profit taking drive Gold towards 1200-20 but will remain Bearish until it close above 1230-35 again. Key supports stand at 1183 and 1169. A close below 1169 could open up 1128 and 1054 respectively.
Silver at 16.94 moved lower in line with expectation and closed below 17. Key support is at 16.70. A close bellow that could open the way to 15.78. Bias Bearish while it is trading below 17.75.
Copper at 2.60 is hanging around its crucial support of 2.55-60. We might see short term pull back towards 2.70. We have few important US data: Average hourly earnings, NFPs and unemployment rate Friday, which may influence the price of Copper and Silver respectively.
Major weekly trend line support has been broken form both Brent Crude at 52.54, and WTI Crude Oil at 49.61. We may see short term pull back rally toward 54 in Brent Crude and 51 in WTI Crude Oil due to weekly profit taking, though the bias is still Bearish, 1st support for Brent Crude is at 45.42 and WTI Crude Oil at 44, do not be surprised if these marks are made in a few weeks.