Sell Silver Below 220400 SL ABOVE 225000 TGT 214500/210000 - Axis Securities Ltd
Macro
• Gold traded near $4,100 an ounce on Thursday, remaining close to its lowest level since early August, as the latest FOMC minutes pointed to the possibility of another U.S. rate hike this year. Elevated oil prices also continued to fuel inflation concerns.
• WTI crude oil prices rose sharply following reports of further attacks on commercial shipping in the Middle East, while markets also braced for potential supply disruptions from adverse weather along the U.S. Gulf Coast.
• Copper futures climbed toward $6.70 per pound, extending their weekly gains as Chinese traders returned from a week-long holiday in a more optimistic mood.
• U.S. natural gas prices rose to $3.26/MMBtu, marking a fifth consecutive session of gains and reaching a twoweek high, supported by lower production and concerns over storm-related supply disruptions in the Gulf of Mexico.
Panel One
* 15-minute candlesticks for a rolling three-day period have been plotted.
* Blue horizontal line shows an open gap which could either be up or down (open-gap up: low of next candle does not overlap the high of the prior candle, and vice versa for an open-gap down). The horizontal line showing the gap will only appear if the price has not visited the gap area.
Panel Two
* Plots the Slow Stochastics study to identify overbought (90 and above) and oversold (20 and below) areas.
* Signals are generated when the fast line (black) crosses the slow line (blue).
Panel Three
* Plots the Fisher Transform study that helps identify extremes and makes turning points clearer.
* Red bands lie between +2 and +3 and can be thought of as an area where a peak could occur. Green bands lie between -2 and -3 and often mark bottoms.
Gold
SELL GOLD BELOW 148900 SL ABOVE 150000 TGT 148200/147400.
* Nearby Support: 1,48,900/ 1,47,000/ 1,45,500
* Nearby Resistance: 1,50,000/ 1,51,800/ 1,53,000
* Nearby Gaps: 1,50,000.
Silver
SELL SILVER BELOW 220400 SL ABOVE 225000 TGT 214500/210000.
* Nearby Support: 2,20,400/ 2,16,000/ 2,11,000
* Nearby Resistance: 2,25,000/ 2,30,000/ 2,36,000
* Nearby Gaps: 2,27,000.
Crude Oil
BUY CRUDEOIL ABOVE 8920 SL BELOW 8820 TGT 9080/9160.
* Nearby Support: 8,630/ 8,500/ 8,380
* Nearby Resistance: 8,920/ 9,100/ 9,280
* Nearby Gap(s): 8,552.
Copper
BUY COPPER ABOVE 1433 SL BELOW 1425 TGT 1444/1453.
* Nearby Support: 1,421/ 1,412/ 1,401
* Nearby Resistance: 1,433/ 1,445/ 1,455
* Open Gap(s): 1,1419.70.
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