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: 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.

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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