Sell Gold Below 140500 SL ABOVE 141500 TGT 139000/138000 - Axis Securities Ltd
Macro
• Gold prices fell 1% in the last session, hovering near a seven-month low as higher U.S. Treasury yields and fading hopes of a permanent U.S.-Iran peace deal reinforced expectations of higher Federal Reserve interest rates.
• Copper prices declined 2%, reversing the previous session's gains as investors awaited a U.S. Commerce Department report that could pave the way for import tariffs on refined copper.
• WTI crude oil fell nearly 1%, posting its steepest quarterly decline since 2020 as investors awaited further developments in the ongoing U.S.-Iran peace talks in Doha.
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 140500 SL ABOVE 141500 TGT 139000/138000.
* Nearby Support: 1,40,500/ 1,39,000/ 1,37,000
* Nearby Resistance: 1,41,700/ 1,43,000/ 1,44,500
* Nearby Gaps: 1,43,000.
SILVER
SELL SILVER BELOW 222000 SL ABOVE 226000 TGT 217000/213000.
* Nearby Support: 2,22,000/ 2,18,000/ 2,14,000
* Nearby Resistance: 2,25,000/ 2,30,000/ 2,36,000
* Nearby Gaps: 2,23,000.
CRUDEOIL
SELL CRUDEOIL BELOW 6520 SL ABOVE 6600 TGT 6420/6350.
* Nearby Support: 6,520/ 6,380/ 6,300
* Nearby Resistance: 6,650/ 6,800/ 6,980
* Nearby Gap(s): NONE.
COPPER
SELL COPPER BELOW 1256 SL ABOVE 1263 TGT 1245/1240.
* Nearby Support: 1,256/ 1,245/ 1,235
* Nearby Resistance: 1,266/ 1,275/ 1,285
* Open Gap(s): 1270.40.
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