Buy Gold Above 147600 SL BELOW 146600 TGT 149000/150000 - Axis Securities Ltd
Macro
• Gold eased from a two-week high on Monday as the U.S. dollar recovered from recent lows, though reduced expectations of Federal Reserve rate hikes limited losses. Traders now see a 56% chance of a September rate hike.
• Copper futures held above $6.15 per pound, trading within a narrow range for a second consecutive week as investors reduced expectations for further Federal Reserve interest rate hikes.
• WTI Crude Oil traded near $68 per barrel, hovering close to its lowest level since late February, as improved shipping flows through the Strait of Hormuz and expectations of increased OPEC+ production heightened concerns over a growing global oil supply.
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 147600 SL BELOW 146600 TGT 149000/150000.
* Nearby Support: 1,46,800/ 1,45,000/ 1,43,800
* Nearby Resistance: 1,47,600/ 1,49,000/ 1,51,000
* Nearby Gaps: 1,46,000.
SILVER
BUY SILVER ABOVE 238000 SL BELOW 234000 TGT 243000/247000.
* Nearby Support: 2,35,500/ 2,31,000/ 2,27,000
* Nearby Resistance: 2,38,000/ 2,42,000/ 2,47,000
* Nearby Gaps: 2,33,000.
CRUDEOIL
SELL CRUDEOIL BELOW 6490 SL ABOVE 6570 TGT 6360/6300.
* Nearby Support: 6,490/ 6,400/ 6,280
* Nearby Resistance: 6,630/ 6,750/ 6,880
* Nearby Gap(s): NONE.
COPPER
BUY COPPER ABOVE 1290 SL BELOW 1284 TGT 1299/1308.
* Nearby Support: 1,281/ 1,270/ 1,262
* Nearby Resistance: 1,290/ 1,299/ 1,308
* Open Gap(s): 1,275.
For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633
