Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: DJIA loing to open up significantly, as The Trump Rally extends. PE
DJIA at 20547.76, -0.15% sees 1st support near 20370-20350, which could be tested in the coming sessions. Thereafter a rise back towards 20600-20700 is possible in the longer run.
DAX at 12048.57, +0.18% is trading higher, while support near 11930 holds. DAX could either start moving up from current marks towards 12200 or re-test lower marks at 11930 in which case could see some sideways consolidation ahead.
Shanghai at 3122.63, -1.59% could test 3100 or lower before bouncing back near term, the immediate trend is Bearish.
Nikkei at 18870.24, -1.34% opened with sharp Gap up above levels of 18600 re-entering he broad sideways channel of 18600-19700. If it holds, could possibly see a rise towards 19200 before coming off.
Nifty at 9119.40, -0.19% trading within the immediate channel on the daily, and while support near 9100 holds,could see some movement along the daily trend support in the 9250-9100 aarea. A break below 9100 could push it lower towards 9000-8900 mid term.
Gold, Silver, Copper & Crude Oil Markets
Gold at 1274.79 Monday it is trading at 1275, and have been expecting 1260 to hold for some time as buyers are taking every dip as a buying. 1301 – 1305 could be where the price action has to be checked to assess the chances of further bounce to 1328 to 1350, only a close below 1260 could negate Bullish sentiment.
Silver at 17.85 to be corrected till 17.70. I think that the corrective phase could be restricted at 17.60-70 due to near term oversold condition. Only a close below 17.60 could bring further lower marks at 17.43 into consideration.
Copper at 2.565 stuck in the range of 2.50-2.66. A close below 2.50 could open up 2.48 and 2.45. Buying at 2.45-48 cannot be ruled out due to near term oversold condition. Only a move above 2.66 can 2.72 -80 come into consideration.
We were Bearish on WTI Crude Oil at 49.85, and I mentioned that “Brent may consolidate within these levels at 52.20-53.60 for few more sessions though the possibility of a decline towards supports cannot be ruled out. A close below 50.30 could push WTI Crude Oil towards 48.36. Remain Bearish while Brent Crude at 52.22, and WTI Crude Oil are trading below 53.60 and 50.30.
Have a terrific week
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