Sell Gold Below 141000 SL ABOVE 142000 TGT 139500/138800 - Axis Securities Ltd
Macro
• Gold prices remained under pressure on Thursday as investors looked past softer-than-expected U.S. inflation data and instead focused on the inflationary risks arising from higher oil prices. Persistent concerns over inflation reinforced expectations that the Federal Reserve will maintain a cautious stance on interest rates.
• UK Natural Gas prices hovered around 130.6 pence per therm, holding near a more than three-month high as ongoing U.S. military operations against Iran fueled concerns over potential disruptions to LNG supplies from the region.
• WTI Crude Oil prices erased early gains to trade slightly lower, giving up some of the momentum built over the previous three sessions. Investors continued to assess the impact of ongoing U.S. military operations against Iran and the potential risks to shipping 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 141000 SL ABOVE 142000 TGT 139500/138800.
* Nearby Support: 1,41,000/ 1,39,500/ 1,38,000
* Nearby Resistance: 1,41,500/ 1,43,500/ 1,45,000
* Nearby Gaps: 1,42,000.
Silver
SELL SILVER BELOW 218000 SL ABOVE 222000 TGT 213000/208000.
* Nearby Support: 2,18,000/ 2,13,000/ 2,08,000
* Nearby Resistance: 2,20,500/ 2,25,000/ 2,31,000
* Nearby Gaps: 2,21,000.
Crudeoil
BUY CRUDEOIL ABOVE 7710 SL BELOW 7640 TGT 7850/7930.
* Nearby Support: 7,620/ 7,500/ 7,350
* Nearby Resistance: 7,710/ 7,860/ 8,000
* Nearby Gap(s): 7,613.
Copper
BUY COPPER ABOVE 1340 SL BELOW 1333 TGT 1350/1357.
* Nearby Support: 1,309/ 1,300/ 1,290
* Nearby Resistance: 1,340/ 1,350/ 1,358
* Open Gap(s): 1,316.20.
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