Buy Gold Above 155500 SL BELOW 154500 TGT 157000/157800 - Axis Securities Ltd
Macro
• Gold prices steadied on Tuesday near a more-than-two-month high as renewed buying momentum offset pressure from a firmer U.S. dollar and higher Treasury yields. Gold gained 2.4% on Friday after U.S. payrolls unexpectedly declined in July and ended Monday 1.1% higher at around $4,390.
• WTI crude oil extended gains after rising more than 5% on Monday as hopes faded for a deal to reopen the Strait of Hormuz. U.S.-Iran tensions increased after both sides demanded compensation for recent military attacks.
• Copper futures climbed above $6.6 per pound for a second session, supported by tightening global supply and expectations of constrained mine output. However, potential U.S. import tariffs continued to keep traders cautious.
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 155500 SL BELOW 154500 TGT 157000/157800
* Nearby Support: 1,53,200/ 1,51,800/ 1,50,000
* Nearby Resistance: 1,55,500/ 1,57,000/ 1,58,800
* Nearby Gaps: 1,53,000.
Silver
BUY SILVER ABOVE 242000 SL BELOW 238000 TGT 247000/251000.
* Nearby Support: 2,34,000/ 2,29,000/ 2,25,000
* Nearby Resistance: 2,42,000/ 2,47,000/ 2,51,000
* Nearby Gaps: 2,31,000.
Crude Oil
BUY CRUDEOIL ABOVE 8100 SL BELOW 8000 TGT 8240/8320.
* Nearby Support: 7,800/ 7,650/ 7,500
* Nearby Resistance: 8,100/ 8,270/ 8,450
* Nearby Gap(s): 8,113.
Copper
BUY COPPER ABOVE 1386 SL BELOW 1378 TGT 1397/1405.
* Nearby Support: 1,375/ 1,365/ 1,357
* Nearby Resistance: 1,386/ 1,394/ 1,402
* Open Gap(s): 1,365.50.
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