Key Stock Indexes, Crude, Gold & Silver Markets Briefing

Key Stock Indexes, Crude, Gold & Silver Markets Briefing

Key Stock Indexes, Crude, Gold & Silver Markets Briefing


Commentary: Nothing new. PE

DJIA at 20951.47, -0.03% finished lower and lack of any directional momentum now keep the price stable. While trading below 21000, we could expect a test of 20800-20600 before starting to rise again.

DAX at 12647.78, +0.96% brok the resistance on the daily candles, but looking at the 3-day and weeklies, the index is at Key resistance and if it breaks to the Northside, further rally towards 12750 + is possible, or a corrective dip from here might be expected.

Shanghai at 3098.24, -0.93% broke below 3100 and may re-test 3075. A break below 3075 could be an important cue to initiate a fresh fall else a sharp bounce from 3075 is needed to drive it towards 3150/75 and higher.

Nifty at 9359.90, +0.51% is moving in line with expectation. Important resistance at 9400 is still intact and could hold medium term.


Gold, Silver, Copper & Crude Oil Markets

Gold  at 1228 failed to close above 1239, and moved lower against my expectation. It is hanging around its Key support of 1228. A close below 1228 could open up 1200 and then 1188. The bias is Bearish while trading below 1256. Gold is highly oversold near term so the possibility of a corrective bounce towards 1240-50 cannot be ruled out.

Silver at 16.32 is trading below 16.94. The bias is Bearish while it is trading below 17.50, though a possibility of a rise towards 17 levels cannot be ruled out due to short term oversold condition.

Copper at 2.50 is hanging around its Key support at 2.50, and within its trading range of 2.45-2.54. A close below 2.50, not preferred, could open up 2.45.

WTI Crude Oil at 45.41 moved lower in line with my expectation and is hanging around support at 45.35. A close below that open up 44.58 and 41.62 next. Brent Crude at 51.73 may consolidate within 50-52 for few more sessions, but a corrective bounce towards 1st resistance cannot be ruled out. I wremain Bearish while Brent Crude and WTI Crude Oil are trading below 53 and 51.

Stay tuned…

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.