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: Just about all world indices have fallen and could continue to trade lower or remain sideways on the week. PE

DJIA at 20668.01, -1.14% and DAX at 11962.13, -0.75% finished off from Monday’s marks.

DJIA was turned back from Key resistance as indicated in the 3-day candles and the weekly lines and while this holds, DJIA could be Bearish near term. A break below 1st daily support at 20600 could lead to a fall towards 20500-20300.

DAX failed 1st support near 12000 and resolved to the Southside, opening up chances of a fall towards 11700’s near term.

Nikkei at 19065.37, -2.01% fell in line with the fall in USD/JPY. The broad 19600-18600 range has come back into focus and the sideways consolidation since 16 December is continuing to remain for now. Note the 21-Wk MA near 18950 could act as 1st support which if breaks could opens the gate to 18800.

Shanghai at 3236.52, -0.77% may test to 3200. A break below is not preferred now. Some sideways consolidation in the 3200-3250 range is best in here.

Nifty at 9121.50, -0.06% may have begun its 1st pullback after its recent 2-months rally. An initial fall towards 9000-8990 could be expected as mentioned Monday.

 

Gold, Silver, Copper & Crude Oil Markets

Weakness in The Dollar (.DXY) Index (99.65) helped Gold at 1245 to trade above its pivot at 1241. It may see some resistance at 1250. A close above that mark open up the path to 1272-78.

Silver at 17.53 is trading above its pivot of 17.45, 1st resistance is at 18.00.

Copper at 2.58 was not able to close above its pivot at 2.70-72 of its recent trading range of 2.55-83 and fell in line with expectations. It may find support at 2.57 near term, a close below that mark could open up 2.55 and 2.49 next.

Brent Crude at 50.54, and WTI at 47.34, both have fallen but still tradewithin their respective ranges of 50-52 and 47-49 with a Bearish bias.

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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