Sale Gold Below 151800 SL ABOVE 152800 TGT 150300/149500 - Axis Securities Ltd
Macro
• Gold prices held near $4,400 an ounce on Monday as stronger-than-expected U.S. payrolls and renewed Strait of Hormuz tensions boosted expectations for a Federal Reserve rate hike as early as next week. Markets are pricing in around a 60% chance of a September hike.
• Crude oil prices traded above $91 a barrel after surging 9.7% last week, as escalating U.S.-Iran tensions raised concerns over prolonged disruptions to energy shipments through the Strait of Hormuz. The U.S. said it had struck three Iranian oil tankers over the weekend.
• Copper futures slipped to around $6.55 per pound, ending a two-day rally as strong U.S. jobs data reinforced expectations of a Fed rate hike this month. Rising oil prices and inflation concerns also weighed on the demand outlook for industrial metals.
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
SELL GOLD BELOW 151800 SL ABOVE 152800 TGT 150300/149500.
* Nearby Support: 1,51,800/ 1,50,000/ 1,48,000
* Nearby Resistance: 1,53,500/ 1,55,800/ 1,57,500
* Nearby Gaps: 1,55,000.
Silver
SELL SILVER BELOW 236000 SL ABOVE 240000 TGT 231000/228000.
* Nearby Support: 2,36,000/ 2,31,000/ 2,26,000
* Nearby Resistance: 2,39,000/ 2,44,000/ 2,49,000
* Nearby Gaps: 2,41,000.
Crude Oil
BUY CRUDEOIL ABOVE 8780 SL BELOW 8700 TGT 8890/8990.
* Nearby Support: 8,570/ 8,400/ 8,270
* Nearby Resistance: 8,780/ 8,900/ 9,080
* Nearby Gap(s): 8,578.
Copper
BUY COPPER ABOVE 1387 SL BELOW 1380 TGT 1397/1405.
* Nearby Support: 1,373/ 1,364/ 1,355
* Nearby Resistance: 1,387/ 1,398/ 1,410
* Open Gap(s): NONE.
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