Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: The Japanese markets are closed, and all other major markets are trading very quietly, mostly waiting for the FOMC comments due this afternoon and the 2nd round of the French Presidential election Sunday. PE
DJIA at 20949.89, +0.17% stuck in the narrow range of 20900-21070 for the last 6 sessions, the underlying Bullishness can drive the index North towards resistance at 21400 in the next few days.
DAX at 12507.90, +0.56% broke into new ground this week as it trades above its Y 2015 high at 12390, this move may extend to 12600-700 before profit taking occurs.
Shanghai at 3140.04, -0.12% is trading in the range of 3100-3180 in line with expectations with 3100 firm as Key support. The sideways action may keep the index ranged for the rest of this week and a directional move may be seen next week.
Nifty at 9313.80, +0.10% stalling near the resistance area at 9370-9430 for the last 5 sessions with increasing risk of a correction medium term. While 9430 may be tested near term, watch for a selloff from that area.
Gold, Silver, Copper & Crude Oil Markets
Muted price action had been seen in Gold at 1257 for the market is waiting for Wednesday’s FOMC statement and Fed fund rate announcement at 2:00pEDT. 1st support is at 1239. Buyers will take every dip as an opportunity for buying while the precious Yellow metal trades above 1239. A close above 1264 could open up 1285 next, which could be a mark where price action is checked to assess the chances of a move to 1305.
Silver at 16.78 is oversold near-term charts and ranged within 16.50-17.02.The bias remains Bearish while it is trading below 17.50.
Copper at 2.61 showed some strength as it manages to trade above its Key support at 2.57. Recent trading range could be 2.60-2.69 and upon marking 2.69, higher resistances of 2.72 -80 come into view.
Brent Crude at 51.73, and WTI Crude Oil at 48.03 moved lower in line with expectations. They are within their respective trading ranges of 50 -52. and 46.20 – 48.80 . Brent Crude may consolidate within these marks for few more sessions though the possibility of a corrective bounce towards resistance cannot be ruled out.. But I remain Bearish while Brent Crude and WTI Crude Oil are trading below 53 and 51 respectively.