Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: DJIA and DAX look stable in here and could consolidate for some more sessions. Nikkei and Shanghai could come down near term while Nifty looks Bullish. PE
DJIA at 20837.37, -0.21% could remain stable near current marks for another 1-2 sessions before moving back up above 21000, Key resistance is seen near 21200.
DAX at 11988.79, -0.01% has been stable for the last few sessions and ranged in the 12090-11930 region. Some resistance is visible near 12200 levels and if that holds, there could be a fall towards 11900-11800 near term. Consolidation mode may continue for the rest of this week.
Nikkei at 19551.72, -0.29% came off from the resistance near 19620. Narrow range of 19620-19400 and a broader range of 19620-19200 can be expected near term. Clear contraction in price action is visible now.
Shanghai at 3233.50, -0.16% hold well below resistance at 3250, while that holds, expect trade within the 3175-3250 region for now.
Nifty at 9087, +1.71% gaped up on the open, but was ranged within the 9122-9060 Tuesday. Note: Although the target of 9280 remains open on the Northside, there is resistance near 9130. A sharp break above 9130 confirms higher marks of 9280 near term.
Gold, Silver, Copper & Crude Oil Markets
Gold at 1200 is ranged at 1180-1220 and until it closes above 1220, it will be difficult to move higher. Will remain Bearish while it trades below 1240.The downward channel in Gold-WTI ratio(24.5) since 16 August, has been broken and the same could move towards 26-27 . We have the FOMC interest rate announcement at 2:o0p EDT, which may add some clarity through The US Dollar (.DXY) Index now at 101.30.
Silver at 16.92 trading just above support at 16.65-72. The Bias remains Bearish while trading below 17.45-50.
Copper at 2.64 was not able to close above its pivot at 2.72 of its recent trading range at 2.55-83.
Brent Crude at 51.60, and WTI Crude Oil at 48.43 are trading within their narrow ranges of 50-52 and 46-50 with a Bearish bias. The US weekly Crude Oil inventory could affect the price negatively and open up further lower levels for both Brent Crude at 47.50, and WTI Crude Oil 45 respectively. Otherwise may see short term bounce back towards the upper band of their recent ranges.