Buy Silver Above 248500 SL BELOW 244500 TGT 253000/257000 - Axis Securities Ltd
Macro
• Gold prices held firmly above $4,500 an ounce on Friday, extending gains as a weaker U.S. dollar and efforts by the Treasury to contain longer-term borrowing costs continued to support bullion.
• WTI crude oil prices eased from one-month highs after the U.S. announced strict economic sanctions on Iran. Despite the pullback, crude remained on track for a second week of strong gains amid the ongoing Strait of Hormuz standoff.
• Copper futures climbed above $6.50 per pound, recovering earlier losses as tight physical supply continued to support prices. However, the market remains vulnerable amid continued outflows and tariff concerns.
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 158800 SL BELOW 158000 TGT 159900/160700.
* Nearby Support: 1,59,600/ 1,58,000/ 1,56,000
* Nearby Resistance: 1,62,000/ 1,64,000/ 1,65,700
* Nearby Gaps: 1,59,000.
Silver
BUY SILVER ABOVE 248500 SL BELOW 244500 TGT 253000/257000.
* Nearby Support: 2,44,000/ 2,39,000/ 2,34,000
* Nearby Resistance: 2,48,500/ 2,53,000/ 2,59,000
* Nearby Gaps: 2,43,000.
Crude Oil
BUY CRUDEOIL ABOVE 8350 SL BELOW 8250 TGT 8500/8600.
* Nearby Support: 8,220/ 8,050/ 7,800
* Nearby Resistance: 8,350/ 8,500/ 8,630
* Nearby Gap(s): NONE.
Copper
BUY COPPER ABOVE 1388 SL BELOW 1380 TGT 1399/1406.
* Nearby Support: 1,375/ 1,364/ 1,354
* Nearby Resistance: 1,388/ 1,400/ 1,410
* Open Gap(s): NONE.
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