Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Geo-political situation unchanged, Asia-Pac: Chinese and Japanese stocks looking weak. PE
DJIA at 20658.02, +0.01% stable and in a sideways consolidation mode as expected. Some steady movement in the 20780-20500 region is possible in the next couple of sessions before breaking North or South, We wait, we see.
DAX at 12200.52, -0.20% testing support near 12200 or could test lower from where a bounce is expected. But, medium term some sideways movement is expected as there is not much room on the Northside in here. A dip below 12100, could take it towards 12000 or lower before recovering.
Shanghai at 3262.10, -0.22% came off resistance near 3280, while that holds, see a fall towards 3250 before bouncing back towards 3300 medium term.
Nikkei at 18708.49, -0.48% has not been able to sustain at higher marks and may re-test 18600 or lower near term. A sustained movement below 18600, if seen, would lead to a fall in the index medium term.
Nifty at 9181.45, -0.18% could fall to 9130 Tueday before bouncing back in the coming sessions.
Gold, Silver, Copper & Crude Oil Market
Gold at 1251 almost unchanged as trades in narrow range of 1237-1263, which may continue for some days. Global cues are in favor of Gold as the break below 100.50 for The US Dollar (.DXY) Index (101) could bring on good gainers for bullion. Buyers are taking every dip as an opportunity for buying.
Silver at 17.95 has tested its support at 17.70 finishing higher. The trading range could be 17.80-18.30 but a close below 17.70 could open up 17.50. Overall Silver looks weak but need to wait for confirmation for directional clarity.
Copper at 2.61 has been ranged within 2.55-2.70 with no intent for a breakout. Range bound trading may go on for some time, medium term 2.55-57 are strong support now, but a close below that could open up 2.50 and 2.45.
Brent Crude at 56.01, and WTI Crud Oil at 53.07 closed above their respective resistances, which opened up 57 and 54. The trading range for Brent Crude, and WTI Crude Oil could be 54-56.40 and 51-53, considering the short term overbought state, possibility of a near term correction cannot be ignored.
Note: In case of any surplus in Crude Oil inventories, the Northside in the near term may be limited to 56.40 and 53. The trend is Bullish near term, and any corrective fall may add fresh Longs at the lower marks.
The US Financial markets are closed for Good Friday, have a terrific Easter Weekend.