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: Results of the 1st round of French elections brought in hopes to the investors throughout the world except China. Mr. Macron would face off with Ms. Le Pen for the 2nd round on 7 May, but stocks could see some Northside before that. PE

DJIA at 20763.89, +1.05% has risen well from levels above 20400, likely will test 1st resistances at 21050-21200, from where a shallow dip is seen.

DAX at 12454.98, +3.37% Gaped up and close on the highs at 12454 Monday breaking above the 15 April highs at 12391. There is a chance of testing at 12540 Tuesday, then a pause to refresh is seen.

Shanghai at 3132.93, + 0.11% is the only weak performer among the other Asian indices. It has broken below weekly support trend lines and for now only the 3-Day support near 3100-3080 is seen, giving hope of recovery medium term. A sharp fall is possible longer term.

Nikkei at 19034.74. +0.84% has been driven up buy a weaker JPY in the last 2-sessions. Either the index moves up to test 19800 before coming off from there or comes off immediately from here. Prefer some more Northside while the global indices are moving up.

Nifty at 9217.95, +1.08% has some ability for testing 9300-9400 before seeing a pull back. A rise Monday has proved the support near 9100 is holding well. So, could see an attempt to rise towards 9300 near term.

 

Gold, Silver, Copper & Crude Oil Markets

Gold at 1275 closed near the mid-point of the range of 1260-1305, as sideways consolidation is expected to continue. Expecting 1260 to hold as buyers are taking every dip as a opportunity to buy. 1301 – 1305 could be a mark where the price action has to be checked to assess the chances of further rise to 1328 to 1350.

Silver at 17.87 moved lower but closed above its Key support a 17.60-70. The immediate trading range could be 17.60-18.35. Think that the corrective phase could be restricted to 17.60-70 due to near term oversold conditions.

Copper at 2.54 is ranged within 2.50-2.67. A close below 2.50 could open up 2.48 and 2.45. Only with a break above 2.67 can 2.72 -80 be seen.

Brent Crude at 51.90, and WTI Crude Oil at 50.27 moved lower in line with expectation. Brent Crude may consolidate within for few more sessions though the possibility of a decline towards supports cannot be ruled out. A close below 50.20 could drag WTI Crude Oil towards 48.36. I am Bearish while Brent Crude , and WTI Crude Oil are trading below 53.60 and 51.70.

Stay tuned…

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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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