Buy Copper Above 1410 SL BELOW 1404 TGT 1420/1426 - Axis Securities Ltd
Macro
• Gold prices edged higher on Friday after reaching a two-week high in the previous session, as concerns over a potential slowdown in the AI investment boom weighed on equities and prompted investors to seek safety in bonds, pushing U.S. Treasury yields lower.
• WTI crude oil prices declined after reports that the U.S. was considering easing sanctions on tankers to reduce petroleum shipping costs, while the International Energy Agency signalled plans to accelerate emergency oil stock releases, raising expectations of improved supply availability.
• Copper futures climbed toward $6.60 per pound, snapping a three-session losing streak as a weaker U.S. dollar supported prices. However, concerns over a potential slowdown in AI capital expenditure, which has been a key driver of the U.S. economy and financial markets, limited gains.
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 149000 SL BELOW 148000 TGT 150500/151300.
* Nearby Support: 1,47,500/ 1,45,500/ 1,44,000
* Nearby Resistance: 1,49,000/ 1,50,800/ 1,52,000
* Nearby Gaps: 1,47,000.
Silver
BUY SILVER ABOVE 214000 SL BELOW 211000 TGT 218000/222000.
* Nearby Support: 2,11,500/ 2,06,000/ 2,01,000
* Nearby Resistance: 2,14,000/ 2,19,000/ 2,23,000
* Nearby Gaps: 2,11,000.
Crude Oil
BUY CRUDEOIL ABOVE 9270 SL BELOW 9170 TGT 9420/9500.
* Nearby Support: 9,190/ 9,000/ 8,850
* Nearby Resistance: 9,270/ 9,450/ 9,600
* Nearby Gap(s): 9,285.
Copper
BUY COPPER ABOVE 1410 SL BELOW 1404 TGT 1420/1426.
* Nearby Support: 1,404/ 1,392/ 1,381
* Nearby Resistance: 1,410/ 1,421/ 1,430
* Open Gap(s): 1,398.80..
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