Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Nothing new: PE
DJIA at 20975.78, -0.17% tested 21050 on the Northside before coming off. Some profit taking is possible in the 21050-21100 area now with a possible extension of the current run towards 21200. Some corrective dip is preferred medium term before continuation of the long term uptrend.
DAX at 12749.12, +0.43% has room on the Northside but sticking to target at 13000 which could make over Wednesday and Thursday. Thereafter a small dip is possible before moving higher in longer run.
Shanghai at 3082.87, +0.08% a break to the Southside is needed to accelerate a fall towards 3000. Otherwise some sideways consolidation is possible medium term.
Nikkei at 19903.06, +0.30% is set to test target resistance near 20010, while that holds, a small dip is possible back to 19500. Otherwise a sharp and sustained break above 20010 may drive it North towards 20800 longer term.
Nifty at 9316.85, +0.03% may continue ranged inside 9260 -9400. We may see a sharper move in the next couple of weeks.
Gold, Silver, Copper & Crude Oil Markets
The recent strength in The US Dollar (.DXY) Index drove down Gold near their Key support areas. Gold at 1222 is hanging around its Key support at 1220. Remain Bearish on Gold while it is trading below 1260, but chances of a short term bounce towards 1240 cannot be ruled out due to being oversold.
Silver at 16.19 is trading within the range of 15.80-16.90.The bias is Bearish while trading below 17.50.
Copper at 2.50 is hanging around its Key support 2.48-50, and if these levels hold then may see a bounce towards 2.60. But we will remain Bearish Copper while trading below 2.67-72.
Brent Crude at 548.98, and WTI Crude Oil 46.18 both moved lower in line with expectations. They are trading within their trading ranges of 46.62-49.50 and 43.75-47.15. Brent Crude and WTI Crude Oil may consolidate within these marks for few more sessions though the possibility of a corrective bounce towards resistance cannot be ruled out.