Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Overall globally stocks are mixed. China looks negative, Europe and US looks potentially Bullish. Japanese and Indian stocks could remain ranged near term. PE
DJIA at 21012.28, +0.03% is stable, trying to move North towards 21050-21100 in the next few sessions. Overall may see a test of resistance at or near 21200 near term.
DAX at 12694.55, -0.18%) saw it’s 1st dip in the last 13 sessions, and we could see a fall towards 12600-12500 before seeing it test 12800 near term. A break above 12800 could drive it towards 13000 but may take some time.
Shanghai at 3062.38, -0.53% is trading below 3075, and while that holds, could see a fall towards 3050-3000 near term. Only a sustained recovery above 3100 will negate the near term Bearish possibility.
Nikkei at 19868.25, -0.14% saw its 1st dip in the last few sessions from marks below resistance near 20000. While it holds, a short dip to 19600 is possible in here. Unless there is a clear break above 20015, no rise in store just now.
Nifty at 9314.05, +0.31% could trade within 9400-9300 in here, before deciding direction. For now expect a rise to 9400 over Tuesday and Wednesday.
Gold, Silver, Copper & Crude Oil Markets
Gold at 1229 is trading within the narrow range of 1220-31. If these marks hold then sideways consolidation within 1220-1260 continues. Keep an eye on the price action in The US Dollar (.DXY) Index (99.01) which could give us a cue on Gold’s pricee direction. For now remain Bearish while the precious Yellow metal traded below 1256-60. Note: a close below 1220 could open up 1186.
Silver at 16.19 is oversold short term, and a bounce towards 17 is expected, I remain Bearish Silver while it is trading below 17.50 marks.
Copper at 2.48 found resistance at 2.54. Only a move above 2.68 does 2.80 can come into view. Medium term 2.44 is going to be a strong support, but a close below that mark could open up 2.40-35.
Note: The energy segment is showing no sign of near term recovery from its recent fall.
The interim resistance at 49.20 in WTI Crude Oil, and 51.30 in Brent Crude may be tested within couple of sessions. As discussed the preference may remain Bullish short term due to oversold condition, but the overall bias remains Bearish, while Brent Crude at 49.84, and WTI Crude Oil at 46.87 are trading below 53 and 51.
Brent-WTI 3 Days spread is at 2.89 may find resistance at 3.00 levels and could come down towards 2.00.
Gold-WTI spread at 26.39 may find resistance at 27.00, and could see 24.5 this week.