Buy Silver Above 243000 SL BELOW 239000 TGT 248000/253000 - Axis Securities Ltd
Macro
• Gold rose toward $4,400 an ounce on Friday, extending gains from the previous session as falling oil prices eased inflation concerns and pushed bond yields lower, supporting demand for the precious metal.
• WTI crude oil prices fell for a third consecutive session, as expectations of a recovery in disrupted supplies from Middle Eastern producers outweighed concerns over the widening regional conflict.
• Copper futures held above $6.55 per pound after rising for three straight sessions, supported by signs of stronger demand from China. The Yangshan premium, a key indicator of Chinese copper demand, climbed to $121 a ton on Thursday, its highest level since Nov’22.
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 154500 SL BELOW 153500 TGT 156000/157000.
* Nearby Support: 1,52,100/ 1,50,500/ 1,49,000
* Nearby Resistance: 1,54,500/ 1,56,500/ 1,58,000
* Nearby Gaps: 1,54,000.
Silver
BUY SILVER ABOVE 243000 SL BELOW 239000 TGT 248000/253000.
* Nearby Support: 2,38,000/ 2,33,000/ 2,28,000
* Nearby Resistance: 2,43,000/ 2,49,000/ 2,54,000
* Nearby Gaps: NONE.
Crude Oil
SELL CRUDEOIL BELOW 9510 SL ABOVE 9600 TGT 9390/9330.
* Nearby Support: 9,510/ 9,350/ 9,200
* Nearby Resistance: 9,700/ 9,830/ 10,000
* Nearby Gap(s): 9,757.
Copper
BUY COPPER ABOVE 1405 SL BELOW 1395 TGT 1418/1425.
* Nearby Support: 1,392/ 1,381/ 1,371
* Nearby Resistance: 1,405/ 1,415/ 1,426
* Open Gap(s): 1,375.80.
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