Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Overall stocks are mixed. DJIA, Shanghai, Nikkei and Nifty looks bullish while DAX could face immediate resistance in here.PE
DJIA at 20663.22, -0.31% wants to rise from marks near 20400, and could inch up towards 21200 near term. There is some room on the Northside near term. A re-test to 20500-20400 could occur during this week that could with the correct catalyst break out of the top of the trading range.
DAX at 12312.87, +0.46% has been moving up in line with my expectation and could test 1st resistance near 12400 from where a short dip towards 12220 may happen.
Nikkei at 18977.37, +0.36% fell sharply Friday on a fall in USD/JPY from marks near 112.20 but the support on Nikkei above 18600 may hold prompting a bounce in the coming sessions towards 19200 and higher.
Shanghai at 3222.51, +0.38% bounced from just a bit above the daily trend-support. While that holds could target for a rise towards 3250 and higher near term.
Nifty at 9173.75 looks Bullish near to medium term. A rise towards 9200-9280 is possible in the coming sessions.
Gold, Silver, Copper & Crude Oil Market
Gold at 1246, and Silver at 18.23 keep trading in the narrow range of 1237-1263 and 17.94-18.50 respectively, which may continue for all of this week.
Global cues are in favor of Gold and Silver as a break below 99.70 for The US Dollar (.DXY) Index (100.26) could result in good gains for Bullion. Expecting support to hold at 1237 for Gold and 17.90 for Silver this week and buying at lower marks cannot be ruled as buyers are seeing the dips as buying opportunity.
Copper at 2.65 traded within a range of 2.55-2.70 with no directional bias. A break above 2.70, then higher resistance at 2.80 can happen. In the medium term 2.55-57 are Strong support now, but a close below that could open path to 2.49.
Brent Crude at 52.83, and WTI Crude Oil at 50.56 are trading within their narrow ranges of 52-53.5 and 50.30-51.70. Considering the short term overbought state, may see some profit taking at higher marks. The trend is Bearish near to medium term, and a close below Key supports could open up 50 for Brent Crude and 48.36 for WTI Crude Oil.
Gold/WTI ratio (24.69) may find support here, and could bounce back towards 26-27 soon.
Have a terrific week…