Buy Gold Above 145000 SL BELOW 144000 TGT 146400/147500 - Axis Securities Ltd
Macro
• Gold rose nearly 1% as weaker than expected U.S. jobs data and lower oil prices eased inflation concerns.
Investors now await the U.S. nonfarm payrolls report for further cues on the Federal Reserve's policy outlook.
• Silver steadied above $59 an ounce after hitting a seven month low, supported by easing inflation
expectations and comments from Fed Chair Kevin Warsh that reduced the urgency for further rate hikes.
• WTI Crude Oil recovered from intraday lows after initially falling to around $67.6 per barrel, its lowest since
late February. Improved oil flows through the Strait of Hormuz and progress in indirect U.S. Iran talks
supported prices
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 hi gh 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 vi sited 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 CRUDEOIL BELOW 6440 SL ABOVE 6550 TGT 6300/6220.
* Nearby Support: 1,43,700/ 1,42,000/ 1,40,500
* Nearby Resistance: 1,45,000/ 1,46,500/ 1,48,500
* Nearby Gaps: 1,42,000.
SILVER
BUY SILVER ABOVE 232500 SL BELOW 228000 TGT 238000/243000
* Nearby Support: 2,29,000/ 2,24,000/ 2,19,000
* Nearby Resistance: 2,32,500/ 2,37,000/ 2,43,000
* Nearby Gaps: 2,25,000.
CRUDEOIL
SELL CRUDEOIL BELOW 6440 SL ABOVE 6550 TGT 6300/6220.
* Nearby Support: 6,440/ 6,300/ 6,200
* Nearby Resistance: 6,530/ 6,680/ 6,800
* Nearby Gap(s): 6,525.
COPPER
BUY COPPER ABOVE 1275 SL BELOW 1268 TGT 1285/1292.
* Nearby Support: 1,266/ 1,255/ 1,248
* Nearby Resistance: 1,275/ 1,286/ 1,295
* Open Gap(s): NONE
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