Sell Copper Below 1380 SL ABOVE 1387 TGT 1370/1360 - Axis Securities Ltd
Macro
• Gold prices dropped below the $4,000-an-ounce threshold on Friday, extending a pullback driven by hotterthan-expected U.S. inflation data and escalating Middle East tensions. The confluence of sticky price pressures and geopolitical risk reinforced expectations of prolonged monetary tightening, putting bullion on track for a second consecutive monthly decline.
• WTI crude oil rose toward six-month highs as the prospect of renewed U.S. military action against Iran clouded hopes for a diplomatic breakthrough, reviving acute concerns over regional supply disruptions.
• Copper futures slid toward $6.50 per pound, retreating for a second straight session as disappointing corporate earnings sparked fresh selling across tech and artificial intelligence equities.
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 142600 SL BELOW 141500 TGT 144200/145000.
* Nearby Support: 1,41,100/ 1,39,000/ 1,37,500
* Nearby Resistance: 1,42,600/ 1,44,500/ 1,46,500
* Nearby Gaps: 1,42,000.
Silver
SELL SILVER BELOW 184000 SL ABOVE 188000 TGT 179000/175000.
* Nearby Support: 1,84,000/ 1,79,000/ 1,74,000
* Nearby Resistance: 1,89,000/ 1,94,000/ 1,99,000
* Nearby Gaps: 1,89,000.
Crude Oil
BUY CRUDEOIL ABOVE 9900 SL BELOW 9800 TGT 10050/10150.
* Nearby Support: 9,750/ 9,580/ 9,400
* Nearby Resistance: 9,900/ 10,050/ 10,200
* Nearby Gap(s): 9,709.
Copper
SELL COPPER BELOW 1380 SL ABOVE 1387 TGT 1370/1360.
* Nearby Support: 1,380/ 1,369/ 1,360
* Nearby Resistance: 1,395/ 1,406/ 1,415
* Open Gap(s): NONE.
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