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: Most stock indices are in a consolidation mode and may continue for a while in here. Broad range-bound movement is possible in that frame. PE.

DJIA at 20905.86, -0.04%, and DAX at 12052.90, -0.35% are almost stable without any major movement just now. As mentioned earlier, both could trade sideways for another couple of sessions before starting to move up. DJIA has resistances coming up at  21200 and 21300 which if holds may keep the index in sideways range for a longer time than expected. DAX may remain below 12156 for the next 2-sessions or more.

Nikkei at 19469.62, -0.27% is stuck within the support and resistance levels of 19200 and 19600, while that holds, we could expect the sideways consolidation to continue in the near term.

Shanghai at 3255.80, +0.15% is trading above 3200, while that holds, medium term looks Bullish towards 3300. Movement could be slow in the near term but eventually prices may move higher.

Nifty at 9126.85, -0.36% could test support near 8990-9100 before again bouncing back towards 9200 and higher, in the medium term looks Bullish.

 

Gold, Silver, Copper & Crude Oil Markets

Gold at 1228 is ranged 1215-1247. Unless it will manage to close above 1240-47, it will be difficult for Gold price to move higher.

Silver at 16.34 trading slightly lower from its 1st resistance at 17.45. The bias will remain Bearish while it is trading below 17.45-50.

Copper at 2.64 was not able to close above its pivot at 2.66-70 of its range at 2.55-83, so the chances of seeing 2.55 are greater now.

Brent Crude at 51.87, and WTI Crude Oil at 48.40 are trading within ranges of 50-52 and 46-50. Considering the short term oversold state, we may see a rally towards their respective 1st resistances. The trend is still Bearish near to medium term, so, corrective bounce may face selling pressure at the higher marks. Brent-WTI ratio (2.23) may trade below 2.00 as it saw resistance at 2.5.

Stay tuned…

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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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