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: 4-month lows seen in Nikkei, Shanghai may see a short dip near term. DJIA may keep up sideways action, DAX looks Bullish. PE

DJIA at 20591.86, -0.29% came down a bit Wednesday, 20500-20410 is an important near term support zone. Some sideways consolidation is expected in the 20780-20410 region for the coming sessions.

DAX at 12154.70, +0.13% is holding above support at 12049, and could move higher towards 12400 in here before seeing a sharp corrective decliner.

Shanghai at 3272.94, -0.03% is trading at the upper edge of the daily channel resistance. A fall towards 3250 is expected near term.

Nikkei at 18342.22, -1.13% has been coming down in line with expectations. A fall towards 18200-18000 is seen near term. This could also push down USD/JPY in here.

Nifty at 9203.45, -0.36% tested to 9162 Wednesday before closing above 9200, the 9120/30 area is important support, while that holds, near term looks Bullish.

 

Gold, Silver, Copper & Crude Oil Market

Gold seeing my interim target of 1290-1301, Wednesday marked an intra-day high at 1289 in Gold so far. A correction towards 1260-65 can be expected due to near-term overbought condition. Expecting support at 1260 for Gold to hold as buyers are taking every dip as an opportunity to buy. 1301 may be the mark where the price action has to pause to assess the chances of a move North to 1328 to 1350.

Silver at 18.53 is hanging around its Key resistance at 18.50-55. The trading range could be 18.30-19, but a close below 18.30 could open up 17.70. Must wait for confirmation for directional clarity.

Copper at 2.55 is ranged in here at 2.55-2.70, and it may go on for some time. In the medium term 2.55-57 is strong support, but a close below that could open up 2.50 and 2.45. Gradual buying at 2.55 cannot be ruled out on near term oversold condition.

Brent Crude at 55.83, and WTI Crude Oil at 53.08 are ranged at 55-57 and 51.70-54.80. The trend is Bullish near term, and any corrective fall due to overbought condition may add fresh Longs at the lower marks.

The US Financial markets are closed for Good Friday, have a terrific Easter Weekend.

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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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