Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Concerns of monetary tightening continue to impact stocks negatively. PE
Shanghai at 3216.73, -0.79% broke below 1st support on the daily candles. Important support below current marks would come near 3200 which is expected to hold medium term. The dip could be short lived and could see a bounce back in here
DJIA at 20659.32, -0.20% traded flat with no major movement seen Wednesday. If we do not see a rise back above 20800, there could be chances that the corrective pullback may not be over. The index may remain stable this week above 20400.
DAX at 12203, +0.44% moved up slightly mark an intra-day high of 12233, achieving the initial target of 12220, but closed lower. A rise towards 12300 and higher looks possible ow.
Nikkei at 19169.92, -0.25% looks stable near current marks. 19400 could act as 1st resistance which could keep the index sideways into next week.
Nifty at 9143.80, +0.47% closed above 9100 Wednesday and could continue to move towards 9200-9280 medium term.
Gold, Silver, Copper & Crude Oil Markets
Gold at 1248 saw resistance at 1264 and is trading within a narrow range of 1240-1260. A break on either side could be decisive in here.
Silver at 18.18 is trading above its support at 17.80 of its trading range between 16.82-18.35.
Copper at 2.62 seeing resistance at 2.70, and only a break above 2.70 will 2.80 can come into view. In the medium term 2.55-57 are strong support and the chances of a close above 2.70 have increased.
Brent Crude could touch 53.36 as it is trading above 52.20, but WTI Crude Oil is trading below 50.30. I remain Bearish energy medium term due to continuous increase in US Crude Oil stocks.