Key Stock Indexes, Crude, Gold & Silver Markets Briefing
$DIA, $GLD, $SLV, $OIL, $USO, $CU
Commentary: Nothing new: PE
DJIA at 20943.11,-0.16% came off as expected and could test to 20780 near term before bouncing. A test of higher marks near 21000 may be delayed a bit.
DAX at 12757.46, +0.07% is set to test 13000 soonest. It is stable in here, but could continue moving up in the coming sessions.
Shanghai at 3043.97, -0.29% coming off as expected and test to 3000 in here. Near term looks Bearish.
Nikkei at 19929.27, +0.15% slowed down as it is head towards major resistance near 20010. A rejection is expected in the next week.
Nifty at 9407.30, +0.97% marked an intra-day high of 9415 Wednesday, closing the day higher. The 9400 resistance has shifted to 9500 and the 9460-9500 are Key marks to watch near term.
Gold, Silver, Copper & Crude Oil Markets
Gold at 1220 istrading within the narrow band of 1220-31. If these marks hold on a closing basis then sideways consolidation within 1220-1260 continues in here, keep a close watch on the price action in The US Dollar (.DXY) Index (99.47) which could give us a cue on Gold direction. Remain Bearish while the precious Yellow metal is trading below 1256-60, a close below 1220 could open the path to 1186.
Silver at 16.23 still has a strong Bearish bias. But as Silver is very oversold in near term, a possibility of a rise towards 17 cannot be ruled out.
Copper at 2.50 is hanging around its Key support of 2.48-50 and if these marks hold then we may see a bounce towards 2.60. I remain Bearish on Copper while t is trading below 2.67-72.
Brent Crude at 50.42, and WTI Crude Oil at 47.53 finished higher. The trading ranges for Brent Crude and WTI Crude Oil are 49.50 – 51.40 and 47 – 49.