Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: The stock markets are stable and no real impact is seen after the FOMC Wednesday as it kept rates unchanged and reiterated its maintenance of the existing policy. PE
DJIA at 20957.90, +0.04% is seeing difficulty to move above 20980 in here. The Dow could possibly test levels near 20800 before bouncing back towards 21000-21200 medium term. Note: important resistances are seen near 21200 and 21400.
DAX at 12527.84, +0.16% is inching up towards 12550-12600 from where a short dip could happen. The channel on the dailies are holding well now.
Shanghai at 3126.44, -0.28% lacks the upward momentum required to take it above 3160 and while trading below that mark, it could test 3100 or lower in the coming sessions. Note: important channel support on the 3-day which if holds could lead to a sharp rise longer run.
Nifty at 9311.95, -1.85% may spend the rest of the week in the 9300-9400 area, and a fresh move could be expected next week. Note: 9400 is an important resistance and is expected to hold medium term.
Gold, Silver, Copper & Crude Oil Markets
Commentary: Gold moved lower on the strength in The US Dollar (.DXY) Index and trading near Key support. PE
Gold at 1241 is hanging around Key support at 1239. We may see a corrective bounce towards 1260 due to short term oversold condition. A close below 1235 could open up 1220 and 1200.
Silver at 16.43 is very oversold near-term and trading within the range of 15.73-16.94. The bias remains Bearish while it is trading below 17.50.
Copper at 2.52 failed to close above 2.62, and came down in line with expectations. The current trading range could be 2.45-2.54. There are supports at 2.50-52 which may hold for few days, but a close below that could open up 2.45.
Brent Crude at 51.73, and WTI Crude Oil at 47.70 moved lower in line with my expectation. They are within their trading ranges of 50 -52. and 46.20 – 48.80. Brent Crude may consolidate for few more sessions though the possibility of a corrective bounce towards resistance cannot be ruled out. I am Bearish while Brent Crude and WTI Crude Oil are trading below 53 and 51.