Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: The tax plan released by US President Trump Wednesday proposed to slash business taxes. It proposed to cut income tax rate from 39.6% to 35%, reduce corporate tax from 35% to 15% and to reduce the 7 tax brackets for individuals to 3-tax brackets of 10%, 20% and 35% respectively, US major stock indexes finished flat to unchanged on the day. PE
DJIA at 20975.09, -0.10% is testing resistance on the daily and 3-Day, and could possibly come off near term. However, when looked at the candle charts, there could be some scope of rising towards 21200-21400 before starting a correction.
DAX at 12472.80, +0.05% could move sideways to create momentum for an up move. But, for now 12532 is important resistance that could be tested in the next 3-4 sessions.
Shanghai at 3112.40, -0.91% fell down to test 3100 and looks Bearish on the week. A break or bounce 3100 will decide the next direction.
Nikkei at 19243.76, -0.24% is stable in here, but could head towards 19620, the Trend is North.
Nifty at 9351.85, +0.49% is acting as expected, and could face rejection at 9400.
Gold, Silver, Copper & Crude Oil Markets
Gold quiet at 1266, 1st supports are at 1260 and 1239. Buyers to take every dip as a further opportunity for buying while Gold is trading above 1239. 1285 could be a mark where the price action has to be checked to assess the chances of a move to 1305 – 1330.
Silver is 17.43 is oversold near-term and hanging around Key resistance at 17.45.A close above that could open 17.80, 1st support is at 17.02.
Copper at 2.57 failed to close above 2.62. A close below 2.55 sees 2.48 and 2.45. The Bias remains Bearish while trading below 2.62-67.
Brent Crude at 51.69, and WTI Crude Oil at 49.42 have been well supported due to decrease in US inventory and near term oversold condition. In a major downtrend like this, the bounces are most ofter seen as fresh Shorting opps by managed money and the speculators get charged with the fast action. I have been expecting a bounce from 51.69 to53.80 in Brent Crude and 49.42 to 51.50 in WTI Crude Oil, prefer to wait for higher marks to create any fresh Shorts.