Key Stock Indexes, Crude, Gold & Silver Markets Briefing

Key Stock Indexes, Crude, Gold & Silver Markets Briefing

Key Stock Indexes, Crude, Gold & Silver Markets Briefing

$DIA, $GLD, $SLV, $OIL, $USO, $CU

Commentary: Stock indices are mixed. DAX could see some rejection near current resistance marks; DJIA and Nikkei could remain stable. Shanghai and Nifty are trading strong and look Bullish in here. PE.

DJIA at 20934.55, -0.07% is stuck within Key resistance & support at 21200 and 20800, and needs a clear break on either side to decide on direction, I prefer a break to the Northside early next week as The Trump Rally resumes.

DAX at 12083.18, +0.61% tested resistance near 12200, while that holds, a dip is possible. A clear break above 12200 could be Bullish towards 12400.

Nikkei at 19523.17, -0.34% is ranged between 19600-19400, could spend a couple of sessions here. Medium term looks Bullish towards 19900-20000 marks on a break above 19600.

Shanghai at 3270.35, +0.05% could be headed higher while above 3250. Looking at the weekly, the index looks Bullish medium term. We could expect a rise towards 3300 in here with a higher target at 3400 medium term.

Nifty at 9153.70, +0.76% rose sharply this week maintaining above Key support at 8930 on the weekly candle, the initial target at 9130 was broken Thursday and now look to 9280 in the coming sessions.

 

Gold, Silver, Copper & Crude Oil

Gold at 1227 still trading below 1240, the pivot of its recent trading range of 1213-1266.This could open up lower supports to 1213, then 1200. 1200 may hold a bit, but considering the short term oversold state it may squeeze and break above 1240.

Silver at 17.31 is trading within the range of 16.81-17.45.In case of any short covering, the Northside near term may be limited for the Devil’s Metal. The trend is Bearish near to medium term frame and any corrective bounce may face selling pressure at the higher marks.

Copper at 2.67 did not close above its pivot at 2.72 of its recent trading range of 2.55-83. So, remain Bearish while it is trading below 2.70-72. A close above 2.72 could negate my short term Bearish outlook.

Brent Crude at 51.77, and WTI Crude Oil at 48.83 are within their narrow trading ranges of 50-52.50 and 47.5-50. It may consolidate for few more sessions. the possibility of a decline towards channel supports cannot be ruled out. So, will remain Bearish while Brent Crude  and WTI Crude Oil are trading below 53 and 50.

Have a terrific weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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