Buy Gold Above 148100 SL BELOW 147000 TGT 149700/150500 - Axis Securities Ltd
Macro
• Gold rose more than 1% on Friday and was on track for its first weekly gain in five weeks, as weaker-thanexpected U.S. jobs data reduced expectations of further Federal Reserve interest rate hikes.
• Copper Futures climbed toward $6.2 per pound and were set for a weekly gain, supported by softer U.S. employment data that prompted traders to scale back expectations for additional Fed rate hikes.
• WTI Crude Oil held steady around $68.5 per barrel, trading near levels seen before the Middle East conflict escalated in late February, as commercial shipping through the Strait of Hormuz continued to recover amid progress in U.S.-Iran talks.
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 148100 SL BELOW 147000 TGT 149700/150500.
* Nearby Support: 1,47,300/ 1,45,500/ 1,44,500
* Nearby Resistance: 1,48,100/ 1,49,800/ 1,51,500
* Nearby Gaps: 1,46,000.
SILVER
BUY SILVER ABOVE 238900 SL BELOW 235000 TGT 243000/248000.
* Nearby Support: 2,36,400/ 2,32,000/ 2,27,000
* Nearby Resistance: 2,38,900/ 2,43,000/ 2,48,000
* Nearby Gaps: 2,33,000.
CRUDEOIL
SELL CRUDEOIL BELOW 6520 SL ABOVE 6600 TGT 6410/6350.
* Nearby Support: 6,520/ 6,400/ 6,300
* 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: 1,282/ 1,271/ 1,264
* Nearby Resistance: 1,290/ 1,299/ 1,308
* Open Gap(s): 1,275.
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