Buy Gold Above 155000 SL BELOW 154000 TGT 156300/157000 - Axis Securities Ltd
Macro
• Gold prices rose in the previous session, holding near $4,400/oz as uncertainty over a U.S.-Iran deal to reopen the Strait of Hormuz supported oil prices. Investors now await U.S. CPI data for fresh cues on the Fed’s rate outlook.
• WTI Crude Oil extended gains, nearing a two-week high as the U.S. and Iran remained divided over reopening the Strait of Hormuz. Fresh Houthi attacks on Red Sea shipping also raised concerns over prolonged supply disruptions.
• Copper futures climbed toward $6.65/lb for a third straight session, supported by tightening supply and expectations of lower mine output. Potential U.S. import tariffs remained a key concern.
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 155000 SL BELOW 154000 TGT 156300/157000.
* Nearby Support: 1,54,200/ 1,52,800/ 1,51,000
* Nearby Resistance: 1,55,000/ 1,57,000/ 1,58,800
* Nearby Gaps: 1,54,000.
Silver
BUY SILVER ABOVE 240000 SL BELOW 236000 TGT 245000/249000.
* Nearby Support: 2,36,500/ 2,32,000/ 2,27,000
* Nearby Resistance: 2,40,000/ 2,45,000/ 2,51,000
* Nearby Gaps: 2,36,000.
Crude Oil
BUY CRUDEOIL ABOVE 8050 SL BELOW 7950 TGT 8200/8280.
* Nearby Support: 7,940/ 7,800/ 7,700
* Nearby Resistance: 8,050/ 8,200/ 8,350
* Nearby Gap(s): 7,945.
Copper
BUY COPPER ABOVE 1387 SL BELOW 1380 TGT 1397/1405.
* Nearby Support: 1,380/ 1,370/ 1,361
* Nearby Resistance: 1,387/ 1,398/ 1,408
* Open Gap(s): 1,379.15.
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