Buy Gold Above 164000 SL BELOW 163000 TGT 165500/166200 - Axis Securities Ltd
Macro
• Gold prices fell from their highs on Tuesday after extending their rally to a three-month peak, as investors assessed the implications of U.S. Treasury intervention in the bond market, while rising trade and geopolitical tensions continued to support bullion demand.
• WTI crude oil trimmed intraday gains after Pakistan’s interior minister flagged “significant progress” in peace talks with Iran. Crude prices had fallen sharply on Monday as profit-taking emerged following weekend reports of improving shipping activity through the Strait of Hormuz.
• Copper futures slipped toward $6.55 per pound, retreating from recent highs as a sharp rise in exchange inventories eased concerns over near-term supply tightness.
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 164000 SL BELOW 163000 TGT 165500/166200.
* Nearby Support: 1,62,500/ 1,61,000/ 1,59,500
* Nearby Resistance: 1,64,000/ 1,65,800/ 1,67,700
* Nearby Gaps: 1,62,000.
Silver
SELL SILVER BELOW 241000 SL ABOVE 245000 TGT 235000/231000.
* Nearby Support: 2,41,000/ 2,36,000/ 2,31,000
* Nearby Resistance: 2,45,000/ 2,51,000/ 2,56,000
* Nearby Gaps: NONE.
Crude Oil
SELL CRUDEOIL BELOW 7900 SL ABOVE 8000 TGT 7770/7680.
* Nearby Support: 7,900/ 7,770/ 7,650
* Nearby Resistance: 8,200/ 8,380/ 8,500
* Nearby Gap(s): 8,359.
Copper
BUY COPPER ABOVE 1387 SL BELOW 1380 TGT 1397/1408.
* Nearby Support: 1,379/ 1,370/ 1,360
* Nearby Resistance: 1,387/ 1,398/ 1,410
* Open Gap(s): NONE.
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