SELL GOLD BELOW 140700 SL ABOVE 141500 TGT 139500/138500 - Axis Securities Ltd
Macro
• Gold prices rebounded on Tuesday after briefly touching a two-week low, as bargain buying emerged following the previous session's sharp selloff. Investors now await the U.S. inflation data and Federal Reserve Chair Kevin Warsh's congressional testimony for further direction.
• Copper futures climbed above $6.25 per pound, nearing a three-week high as Chile's copper production remained under pressure due to water shortages, declining ore grades, unplanned maintenance, the transition from oxide to sulfide mining, and ongoing labour disputes.
• WTI crude oil prices climbed to their highest level in four weeks after the U.S. reimposed a naval blockade on Iran. Renewed military exchanges between Washington and Tehran also intensified concerns over potential disruptions to energy supplies through the Strait of Hormuz.
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 140700 SL ABOVE 141500 TGT 139500/138500
* Nearby Support: 1,40,700/ 1,39,000/ 1,37,000
* Nearby Resistance: 1,41,700/ 1,43,500/ 1,45,000
* Nearby Gaps: 1,40,000.
SILVER
SELL SILVER BELOW 217000 SL ABOVE 220000 TGT 213000/208000.
* Nearby Support: 2,17,000/ 2,13,000/ 2,08,000
* Nearby Resistance: 2,21,500/ 2,26,000/ 2,31,000
* Nearby Gaps: 2,18,000.
CRUDEOIL
BUY CRUDEOIL ABOVE 7810 SL BELOW 7700 TGT 7980/8100.
* Nearby Support: 7,550/ 7,380/ 7,200
* Nearby Resistance: 7,810/ 7,980/ 8,100
* Nearby Gap(s): 7,427.
COPPER
BUY COPPER ABOVE 1311 SL BELOW 1303 TGT 1321/1329.
* Nearby Support: 1,300/ 1,292/ 1,280
* Nearby Resistance: 1,311/ 1,320/ 1,332
* Open Gap(s): 1,296.30.
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SEBI Registration number is INZ000161633
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