Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Some recovery seen in most indices, but need price confirmation to say that the corrective phase is over, or there could be some more Southside action near term. PE
DJIA at 20636.92, +0.90% bounced from support near 20410 halting a fall towards 20000. But, a clear break above 20800 is needed to take the index higher near term. Continued trading below 20800, expect range trading between 20800-20410.
DAX at 12109, -0.38% was closed for Easter Monday. We have to see price action near support at 12100 to learn the next direction. A bounce towards 12220 is possible in here.
Shanghai (3223.87, +0.05%) continues to trade in the lower end of the broad 3300-3175 region. A bounce back towards 3250 and higher is possible in the coming sessions.
Nikkei at 18398.24, +0.23% bounced from 18200 and could re-test support turned resistance near 18650. In case some rejection is seen at 18650, Nikkei could come off towards 18200-18000 again near term. Note: 3-day support on the line charts indicates that there could be some Northside potential near term.
Levels near 9100-8900 is very crucial to hold Nifty (9139.30, -0.13%) at higher marks and produce a bounce up medium term. For now, allow for a fall towards 9000-8900 near term, but have to keep a close watch on the price action near those marks.
Gold, Silver, Copper & Crude Oil Market
Commentary: Muted price action was seen in Bullion Monday as traders are possibly in a pause mode and closely watching the geo-political scenario. Any negative surprise could bring some volatility into the metals market. PE
Gold at 1286 closed at slightly lower marks from the Key resistance at 1305. Continue to look for a bounce beyond 1305 near term. But before that Gold may spend a few sessions within the 1265-1305 range to overcome its near term overbought condition.
Silver at 18.36 tested 1st support near 18.30 before closing a bit higher. A break below 18.30 could push it down to 17.70. Overall need to wait for confirmation on a break on either side of the 18.30-18.65 range for directional clarity.
Copper at 2.58 has been ranged between 2.55-2.70, with a pivot at 2.61. If Copper does not trade above 2.61, it could fall towards 2.55 again. Medium term 2.53-55 is strong support, but a close below that could open up 2.50 and 2.45.
Brent Crude at 55.30, and WTI Crude Oil at 52.59 have fallen from their resistance marks at 56.80 and 53 and trading within the range of 55-56.80 for Brent Crude, and 51.70-53 for WTI Crude Oil. The trend is still Bullish in the near to medium term frame while they are within their ranges. Any corrective fall may see buying pressure at the lower marks.
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