Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Emmanuel Macron wins the final round of the French elections to become the youngest President, winning by a fair margin of 66% to 34% against Marine Le Pen, as per the results released Sunday night.PE
DAX at 12716.89, +0.55% make fresh highs rising towards 12750 last week. While rally continues, we may see a rise towards 13000-13500 levels in the coming sessions, near term looks strongly Bullish.
DJIA at 21006.94, +0.26% moved up to close above 21000 Friday, and while that sustains we could expect a rise towards 21100-21200 near term. While Dow trades above 21000 it negate a quick correction to 20800, near term is likely to remain Bullish.
Shanghai at 3082.69, -0.66% broke below 3080, and while it is unable to bounce back immediately, could see an initiation of a fall towards 3000 and lower medium term, near term looks Bearish.
Nikkei at 19795.19, +1.80% gapped up after the long holiday, breaking above 19620 on the Northside. While it holds above 19620 expect a rise towards Key psych resistance at 20000.
Nifty at 9285.30, -0.80% may test supports near 9250 and 9200 in the next couple of sessions before again bouncing back towards 9400. A break below 9200 is needed to confirm a down move medium term, a short dip to 9200 is expected before a bounce.
Gold, Silver, Copper & Crude Oil Markets
Gold at 1231 closed on the week’s low last Friday. The precious Yellow metal could test support at 1230 from where a bounce back is expected near term. If 1230 holds on a closing basis then sideways consolidation within 1230-1270 continues. Keep a close watch on the price action in The US Dollar Index now at 98.59 which could give us a cue on Gold price direction. Remain Bearish while it is trading below 1265-70, and a close below 1230 could open up 1186.
Silver at 16.41 is trading below 17, so the bias remains Bearish while it is trading below 17.50 hough a possibility of a rise towards 17 cannot be ruled out due to short term oversold condition.
Copper at 2.49 saw resistance at 2.54. Only on a move above 2.68 and 2.80 come into consideration. In the medium term 2.44 is strong support now, but a close below that could open up 2.40-35.
Note: The energy segment is seeing mild profit booking at lower marks.
The interim resistance of 49.20 in WTI Crude Oil and 51.30 in Brent Crude might be tested within couple of sessions. The preference may remain Bullish short term due to oversold condition, but the overall bias stays Bearish while Brent Crude at 49.84, and WTI Crude Oil 46.87 are trading below 53 and 51.
Have a terrific week.