Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: The sweeping victory of BJP in the Indian state election results Saturday was taken positively in the Indian Markets Monday. PE
Nifty at 8934.55, +0.08% may open with a gap up today and could well break beyond the 9000 on the Northside. Initial target of 9280 on the upside.
DJIA 20881.48,-0.10% is stable in here, 1st support near 20750, if holds could drive it back towards 21200 or else some consolidation expected near term. A break below 20750 could turn Bearish ahead.
DAX at 11990.03, +0.22% may move higher from current marks towards 12200. A break below 11990 is seen, an could expect the fall to extend towards 11800 or lower before bouncing back.
Nikkei at 19614.24, -0.10% could come off from 1st resistance near 19620. Note: the US-Japan yield spread is testing Key medium term resistance and if that holds could push Nikkei down in coming sessions.
Shanghai at 3244.64, +0.24% looks Bearish near term while resistance near 3250 holds. A clear break above 3250 is needed to confirm a reversal to the Northside.
Gold, Silver, Copper & Crude Oil Markets
Gold at 1204 is trading slightly higher from last week’s low low at 1193. Looking for a bounce from 1200 near term. It may spend a few sessions within the 1190-1220 rang before the FOMC rate announcement on 15 March. Am staying Bearish until it trades at 1240.
Silver at 16.96 tested 1st support near 16.65-72 before closing slightly higher Monday. A break below 16.65 could push it down to 15.60. The bias is negative until it is trading at 17.45.
Copper at 2.63 bounced back from 2.55 and may stay ranged between 2.58-65. A close above 2.72 could open up the way to 2.83.
Brent Crude could be headed towards 52-52.50 and WTI Crude Oil towards 49.60-50 near term. 1st supports are at 50.50 for Brent Crude and 46.50 for WTI Crude Oil respectively. Only a close below these marks could open up more to the Southside