Buy Gold Above 153500 SL BELOW 152500 TGT 155000/155800 - Axis Securities Ltd
Macro
• Gold prices edged lower on Friday, extending a pullback from this week’s 10-week high as investors took some profits after a strong rally, while renewed tensions around the Strait of Hormuz kept the outlook for inflation and Federal Reserve policy uncertain.
• Brent crude rose above $88 a barrel, gaining more than 5% this week as the US increased economic pressure on Iran to reopen the Strait of Hormuz. Treasury Secretary Scott Bessent said Washington would impose unprecedented economic measures while maintaining its naval blockade of Iranian ports.
• Copper futures fell to around $6.55 per pound, hitting near two-week lows as elevated prices weakened demand and discouraged buyers in top consumer China.
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 153500 SL BELOW 152500 TGT 155000/155800.
* Nearby Support: 1,51,900/ 1,50,200/ 1,48,500
* Nearby Resistance: 1,53,500/ 1,56,000/ 1,57,800
* Nearby Gaps: 1,53,000.
Silver
BUY SILVER ABOVE 235500 SL BELOW 231500 TGT 241000/245000.
* Nearby Support: 2,31,500/ 2,27,000/ 2,22,000
* Nearby Resistance: 2,35,500/ 2,40,000/ 2,46,000
* Nearby Gaps: 2,35,000.
Crude Oil
BUY CRUDEOIL ABOVE 7930 SL BELOW 7830 TGT 8100/8180.
* Nearby Support: 7,740/ 7,600/ 7,500
* Nearby Resistance: 7,930/ 8,100/ 8,250
* Nearby Gap(s): NONE.
Copper
BUY COPPER ABOVE 1378 SL BELOW 1370 TGT 1390/1397.
* Nearby Support: 1,367/ 1,358/ 1,349
* Nearby Resistance: 1,378/ 1,388/ 1,400
* Open Gap(s): NONE
For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633
