Sell Gold Below 141000 SL ABOVE 142000 TGT 139700/139000 - Axis Securities Ltd
Macro
• Gold prices were almost flat on Monday as investors weighed escalating U.S.-Iran tensions against the risk that higher oil prices could keep the Federal Reserve's interest rates higher for longer. Bullion continued to trade near the key $4,000 per ounce level after posting its weakest quarterly performance since 2013.
• WTI crude oil prices surged more than 3%, while Brent crude climbed above $90 per barrel, as escalating military actions between the U.S. and Iran disrupted energy shipments through the Strait of Hormuz, intensifying fears of tighter global oil supplies.
• Copper prices steadied near $6.25 per pound after experiencing sharp volatility last week. Ongoing supply concerns continued to offset demand-side uncertainties, as a powerful storm in Chile, the world's largest copper producer, disrupted mining operations and port activities across the country's central region.
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 139700/139000
* Nearby Support: 1,41,000/ 1,39,500/ 1,37,000
* Nearby Resistance: 1,42,000/ 1,43,800/ 1,45,500
* Nearby Gaps: 1,41,000.
Silver
SELL SILVER BELOW 217800 SL ABOVE 222000 TGT 213000/209000
* Nearby Support: 2,17,800/ 2,13,000/ 2,09,000
* Nearby Resistance: 2,20,500/ 2,25,000/ 2,29,000
* Nearby Gaps: 2,18,000.
Crudeoil
BUY CRUDEOIL ABOVE 8200 SL BELOW 8100 TGT 8350/8450.
* Nearby Support: 7,880/ 7,700/ 7,550
* Nearby Resistance: 8,200/ 8,400/ 8,550
* Nearby Gap(s): 1,302.35.
Copper
BUY COPPER ABOVE 1311 SL BELOW 1305 TGT 1320/1328.
* Nearby Support: 1,302/ 1,293/ 1,284
* Nearby Resistance: 1,311/ 1,320/ 1,328
* Open Gap(s): NONE.
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