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: Almost all stock markets globally has bounced Thursday. Stable movement seen near term with more rising in coming sessions. PE

DJIA at 20656.58, -0.02% holding above the channel support on the daily and if it continues to hold, see the index move towards 21000-21200 near term.

DAX at 12039.68, +1.14% bounced in line with expectation and could retest resistance near 12200 before again coming off towards 11900. The channel on the daily candles holding now.

Nikkei at 19275.18, +0.99% bounced too, and could move up towards 19400 near term. Overall the broad 19600-18600 zone is expected to hold for a couple of weeks.

Shanghai at 3248.52, 0% is in a clear uptrend, while it holds above 3225-3250, near term looks Bullish. There is enough room on the Northside towards 3300 and even higher long term.

Nifty at 9086.30, +0.62% bounced from support on the 3-day candles, while that holds, could re-test 9100-9150 near term.

 

Gold, Silver, Copper & Crude Oil Markets

Gold at 1243 almost unchanged and trading within a narrow range of 1240-51. Continue to look for a close below 1240 near term to take fresh sell positions. But before that it may spend a few sessions within the 1240-55 area.

Silver at 17.57 tested its pivot at 17.45-48, but unable to gather momentum to close higher. Await confirmations for directional clarity.

Copper at 2.62 trading within a range of 2.57-2.70. A move above 2.70 then see resistance at 2.80. Medium term 2.55-57 are  strong support now and a close below that could open up 2.49.

Brent Crude at 50.57, and WTI Crude Oil at 47.34 have fallen in line with expectation. Considering the short term oversold sate, may see a profit taking rally towards resistances of 52-53 for Brent Crude and 48.50-49.80 for WTI Crude Oil. The trend is Bearish. A corrective bounce will see selling pressure at the higher marks.

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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