Commodity Evening Insights - Axis Securities
What’s Driving Prices
Macro
* Gold surged past $3,200 for the first time on Friday, driven by a weaker dollar and escalating trade tensions.
* WTI Crude Oil Futures remained volatile after a 10.6% plunge in the previous session to its lowest since Apr’21, as US-China trade tensions fueled concerns over global demand.
* US Copper Futures continued its recovery from a three-month low of $4.05 this week, as markets balanced supply concerns against the impact of new tariffs on manufacturing demand..
Reading the Charts
Panel One
* 15 min 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 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 93,350
BUY GOLD ABOVE 93800 SL BELOW 93500 TGT 94200/94500
* Nearby Support: 92,400/ 92,100/ 91,800
* Nearby Resistance: 93,800/ 94,100/ 94,400
* Nearby Gaps: 92,033
* Nearby Camarilla Levels: 93,000 (S), 93,800 (R)
Silver 92,400
BUY SILVER ABOVE 93000 SL BELOW 92000 TGT 94300/95000
* Nearby Support: 92,000/ 91,000/ 90,200
* Nearby Resistance: 93,000/ 93,800/ 94,600
* Nearby Gap(s): 91,595
* Nearby Camarilla Levels: 91,800 (S), 92,600 (R)
CrudeOil 5,179
BUY CRUDEOIL ABOVE 5270 SL BELOW 5200 TGT 5370/5420
* Nearby Support: 5,140/ 5,080/ 5,000
* Nearby Resistance: 5,270/ 5,340/ 5,400
* Nearby Gap(s): 5,235
* Nearby Camarilla Levels: 5,120 (S), 5,220 (R)
Copper 834.40
BUY COPPER ABOVE 841 SL BELOW 837 TGT 846/849
* Nearby Support: 524/ 519/ 515
* Nearby Resistance: 841/ 845/ 849
* Open Gap(s): 822.25
* Nearby Camarilla Levels: 832 (S), 837 (R)
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