Buy Gold Above 158800 SL BELOW 158000 TGT 159900/160700 - Axis Securities Ltd
Macro
• Gold prices held near the $4,500 an ounce level on Thursday after easing from a recent high. Lower longdated U.S. Treasury yields, following the government’s expanded bond-buyback program, continued to support bullion, while investors assessed the Federal Reserve’s latest concerns over inflation.
• WTI crude oil prices rose after U.S. President Donald Trump threatened to impose stricter economic restrictions on Iran. Crude prices approached one-month highs, marking a fifth consecutive session of gains as tensions over the Strait of Hormuz showed few signs of easing.
• Copper futures held near recent lows, trading around $6.46 per pound, as rising metal deliveries to London Metal Exchange warehouses helped ease a historic supply squeeze. LME copper inventories increased by 20,000 tonnes on Tuesday, marking their largest single-day rise since April.
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
BUY GOLD ABOVE 158800 SL BELOW 158000 TGT 159900/160700.
* Nearby Support: 1,57,700/ 1,56,000/ 1,54,600
* Nearby Resistance: 1,58,800/ 1,60,000/ 1,61,500
* Nearby Gaps: 1,56,000.
Silver
BUY SILVER ABOVE 241500 SL BELOW 237000 TGT 247000/251000
* Nearby Support: 2,38,500/ 2,33,000/ 2,29,000
* Nearby Resistance: 2,41,500/ 2,47,000/ 2,51,000
* Nearby Gaps: 2,32,000.
Crude Oil
BUY CRUDEOIL ABOVE 8350 SL BELOW 8250 TGT 8500/8600.
* Nearby Support: 8,075/ 7,900/ 7,780
* Nearby Resistance: 8,350/ 8,500/ 8,630
* Nearby Gap(s): NONE.
Copper
SELL COPPER BELOW 1364 SL ABOVE 1372 TGT 1354/1348.
* Nearby Support: 1,364/ 1,352/ 1,344
* Nearby Resistance: 1,377/ 1,388/ 1,400
* Open Gap(s): NONE.
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