Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: World’s major stock indices may test 1st support marks which may produce near term bounces. PE
DJIA at 20661.30, -0.03% sees support on the daily candles near 20578, if holds, could see a move higher towards 21000 in the next few sessions, if the support breaks to the Southside, may see 20400 or lower medium term.
DAX at 11904.12, -0.48% headed towards support near 11700, if that holds, could see a rise to 12000 again.
Nikkei at 19068.22, +0.14% trades within the 19600-18600 range. No major movement expected now, could see another 1-2 sessions with stable movement. Note: important 21-Week MA that could act as 1st support.
The channel support on the daily candle is holding on Shanghai at 3257.14, +0.37%. If it holds near term, could see a bounce towards 3275 and higher in here.
Nifty at 9030.45, -1.0% could see support near 8990-9000, then a bounce towards 9100.
Gold, Silver, Copper & Crude Oil Markets
Gold at 1245 hit resistance at 1250 and trading within range of 1240-1250. A break on either side could be decisive.
Silver at 17.54 shows no sign of direction as it is hanging around its pivot at 17.45 of its trading range at 16.82-18.00.
Copper at 2.62 saw support at 2.57, while 2.57 holds, a bounce to the interim resistance 2.68-70 can be seen. Medium term 2.55-57 is strong support and the chances for a close above 2.70 have increased.
Both Brent Cruse at 50.93, and WTI Crude Oil at 47.34 have fallen in line with expectation. Am Bearish on Brent Crude and WTI Crude Oil since 8 March. Considering the short term oversold sate, may see some profit taking rally towards their respective resistances at 52-53 for Brent Crude and 48.50-49.80 for WTI Crude Oil. But the trend remains Bearish near to medium term frames. Any corrective bounce to see selling pressure at the higher marks.