Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: None: PE
DJIA at 20728.49, +0.33%) rose some Thursday and could re-test resistance at 21200 in the next week. Immediate Northside could be limited in here.
DAX at 12256.43, +0.44% moved up in line with expectations, breaking above 12220, 1st resistance is seen near 12300, if it holds could push the index down to 12100 in the early next week before picking up the Northward momentum again.
Nikkei at 19204.70, +0.74% is trading higher and stable. Trade within 19350-19000 over the next couple of sessions.
Shanghai at 3223.28, +0.41% bounced back from levels near 3200 led by a rise in the shipping and infrastructure stocks. Support near 3150 could be tested if 3200 breaks to the Southside, could see the index move up towards 3250-3275 next week.
Nifty at 9173.75, +0.33% may be headed towards 9200-9280. Near term channel uptrend remains intact and the index looks Bullish for the coming week.
Gold, Silver, Copper & Crude Oil Market
Commentary: A stronger US Dollar (.DXY) Index (100.56) has affected all the metals but Crude Oil keeps strong for the week. PE
Gold at 1240.96 was pushed down to the lower end of the near term range of 1240-60 by the USD’s strength and a break below 1240 may push it down lower towards 1225-20. The weakness may persist till the resistance at 1260 is overcome.
With the Gold-Silver ratio (68.61) crashing in the last few days,
Silver (18.06) has been less affected by a stronger Dollar and trades comfortably in the range of 17.82-18.35, which may continue for a couple of sessions more.
Copper (2.668) has been stuck in the range of 2.55-2.70 for 4th week running with no visible sign of a breakout. The sideways trading may go on for another week.
Expectation of prolonging the production cut by some OPEC countries like Kuwait keeps driving Brent Crude to 52.82, and WTI Crude Oil at 50.13 higher. The target of 53.36 for Brent Crude is close while WTI Crude Oil may test the near term resistance at 50.80-51.10.
Have a terrific weekend.