Sell Gold Below 141200 SL ABOVE 142000 TGT 139700/139300 - Axis Securities Ltd
Macro
• Gold prices edged higher on Wednesday as investors stayed cautious ahead of the U.S. Federal Reserve's policy decision later in the day. Meanwhile, a rebound in crude oil prices following renewed U.S.-Iran hostilities revived inflation concerns, reinforcing expectations that the Fed will keep interest rates unchanged at the end of its two-day meeting.
• WTI crude oil prices extended their rebound after the U.S. and Saudi Arabia carried out joint strikes against Iran-backed groups in Iraq. Escalating Middle East tensions, coupled with a sharp decline in U.S. crude inventories, further supported bullish sentiment.
• Copper futures slipped below $6.3 per pound, surrendering earlier weekly gains as investors awaited the U.S. Federal Reserve's policy decision. Market participants continued to price in a better-than-one-third probability of an interest rate hike, weighing on industrial metals.
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 141200 SL ABOVE 142000 TGT 139700/139300.
* Nearby Support: 1,41,200/ 1,40,000/ 1,38,500
* Nearby Resistance: 1,42,400/ 1,45,000/ 1,46,500
* Nearby Gaps: 1,43,000.
Silver
SELL SILVER BELOW 216000 SL ABOVE 220000 TGT 211000/207000.
* Nearby Support: 2,16,000/ 2,11,000/ 2,06,000
* Nearby Resistance: 2,19,000/ 2,24,000/ 2,29,000
* Nearby Gaps: 2,16,000.
Crudeoil
BUY CRUDEOIL ABOVE 8000 SL BELOW 7900 TGT 8140/8220.
* Nearby Support: 7,800/ 7,700/ 7,550
* Nearby Resistance: 8,000/ 8,150/ 8,300
* Nearby Gap(s): 7,622.
Copper
SELL COPPER BELOW 1316 SL ABOVE 1322 TGT 1308/1300.
* Nearby Support: 1,316/ 1,305/ 1,125
* Nearby Resistance: 1,327/ 1,335/ 1,343
* Open Gap(s): 1,336.
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