Sell Gold Below 141000 SL ABOVE 142000 TGT 139500/138500 - Axis Securities Ltd
Macro
• Gold fell below $4,000 per ounce on Tuesday, hitting its lowest level in nearly eight months. Prices remained on track for a fourth consecutive monthly decline as expectations of US Federal Reserve rate hikes and Middle East uncertainty weighed on sentiment.
• Copper traded above $6.2 per pound but was on track to decline more than 4% for the month, pressured by expectations of tighter US Federal Reserve policy and weaker demand prospects.
• WTI crude oil gained nearly 1%, extending the previous session's rise. However, prices remained on track for a monthly decline as investors monitored potential US-Iran talks in Doha and the fragile interim ceasefire.
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 141000 SL ABOVE 142000 TGT 139500/138500.
* Nearby Support: 1,40,400/ 1,39,000/ 1,37,000
* Nearby Resistance: 1,43,000/ 1,44,500/ 1,46,500
* Nearby Gaps: 1,43,000.
SILVER
SELL SILVER BELOW 217000 SL ABOVE 222000 TGT 210000/206000.
* Nearby Support: 2,17,000/ 2,14,000/ 2,09,000
* Nearby Resistance: 2,28,000/ 2,33,000/ 2,37,000
* Nearby Gaps: NONE.
CRUDEOIL
BUY CRUDEOIL ABOVE 6750 SL BELOW 6650 TGT 6900/6980.
* Nearby Support: 6,620/ 6,580/ 6,420
* Nearby Resistance: 6,750/ 6,900/ 7,040
* Nearby Gap(s): 6,577.
COPPER
BUY COPPER FUT ABOVE 1272 SL BELOW 1265 TGT 1281/1288.
* Nearby Support: 1,254/ 1,243/ 1,235
* Nearby Resistance: 1,272/ 1,281/ 1,290
* Open Gap(s): NONE.
For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633
