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: Global stock market indices look Bullish near term except the DJIA, which could possible test some more levels on the Southside before pausing at Key support. PE

DJIA at 20596.72, -0.29% could be set to break below the daily channel support. The resistance on the 3-day and weekly candles seems to be holding in here, and while that holds, could see a test to 20400-20000 near term.

DAX at 12064.27, +0.20% is trading within the upward channel on the daily candle, while that holds could see the index move up near term, the 1st target is 12200, near term looks Bullish.

Nikkei at 18983.19, -1.45% may continue indecisive while it trades within the broad range of 18600-19600. A bounce from current marks is expected, and USD/JPY would bounce back from 1st support.

Shanghai at 3275.78, +0.19% has risen in line with expectation almost heading towards a 1st target at 3300. A break above 3300 could take it towards resistance at 3400. Near term looks Bullish.

Nifty at 9108, +0.24% bounced back in the last sessions and could continue to move up towards 9200 and higher near term.

 

Gold, Silver, Copper & Crude Oil Markets

Commentary: Fresh weakness in The US Dollar (.DXY) Index (99.30) has boosted bullion significantly. PE

Gold at 1256 has broken its Bearish channel resistance (since 16 September) at 1248-50 and could move towards 1267 and then 1307.

Silver at 17.89 is trading above its resistance and above its pivot of 17.45. The possibility of a rise towards 18.33 cannot be ruled out.

Copper at 2.60 is trading within a range of 2.57-2.70. A move above 2.70 and higher resistance at 2.80 can come into consideration. In the medium term 2.55-57 are strong support now, a close below that could open up 2.55 and 2.49.

Commentary: Crude Oil prices dipped again as rising US drilling activity outweighed talks that an OPEC-led production cut initially due to end in mid-2017 may be extended. Prices may receive some support from talks between OPEC and other producers, including Russia in order to prop up the market. PE

Now, considering the short term oversold sate in Brent Crude at 50.75, and WTI Crude Oil at 47.34 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.

Note: The trend is Bearish near to medium term, and any corrective bounce to face selling pressure at the higher marks.

Have a terrific week.

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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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