Sell Gold Below 137500 SL ABOVE 138500 TGT 136000/135000 - Axis Securities Ltd
Macro
• Gold prices slipped below $4,000 an ounce on Thursday, extending losses from the previous session as sticky inflation concerns and hawkish Federal Reserve commentary reinforced expectations of another interest-rate hike in December.
• WTI crude oil retreated during Asian trading hours following reports that the U.S. is pursuing renewed diplomatic talks with Iran to resolve their protracted conflict. The development cut short a brief relief bounce from near two-month lows in the prior session, even as broader hostilities in the Middle East persisted.
• Copper futures declined toward $6.20 per pound, edging closer to fresh four-month troughs as a firmer U.S. dollar weighed on base metals amid growing bets on tighter Federal Reserve policy following hotter-thanexpected inflation figures.
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 137500 SL ABOVE 138500 TGT 136000/135000.
* Nearby Support: 1,37,500/ 1,35,000/ 1,33,600
* Nearby Resistance: 1,39,500/ 1,41,500/ 1,43,000
* Nearby Gaps: 1,42,000.
Silver
SELL SILVER BELOW 181000 SL ABOVE 184500 TGT 176000/172000.
* Nearby Support: 1,81,000/ 1,76,000/ 1,71,000
* Nearby Resistance: 1,84,000/ 1,89,000/ 1,94,000
* Nearby Gaps: 1,85,000.
Crude Oil
BUY CRUDEOIL ABOVE 8250 SL BELOW 8150 TGT 8400/8480.
* Nearby Support: 7,960/ 7,800/ 7,660
* Nearby Resistance: 8,250/ 8,400/ 8,550
* Nearby Gap(s): NONE.
Copper
SELL COPPER BELOW 1330 SL ABOVE 1338 TGT 1320/1315.
* Nearby Support: 1,330/ 1,320/ 1,311
* Nearby Resistance: 1,340/ 1,352/ 1,461
* Open Gap(s): 1,341.65.
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