Sell Gold Below 141500 SL ABOVE 142500 TGT 140000/139000 - Axis Securities Ltd
Macro
• Gold prices slipped below $4,100 per ounce on Monday as renewed U.S.-Iran missile strikes lifted oil prices, fueling inflation concerns and strengthening expectations of higher interest rates.
• Copper futures eased to around $6.16 per pound, giving back part of last week's gains as escalating Middle East tensions raised inflation fears and clouded the demand outlook for industrial metals.
• WTI crude oil prices surged nearly 5% in Asian trade after renewed U.S.-Iran hostilities and Iran's announcement to close the Strait of Hormuz heightened fears of disruptions to global oil supplies.
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 141500 SL ABOVE 142500 TGT 140000/139000.
* Nearby Support: 1,41,500/ 1,40,000/ 1,38,000
* Nearby Resistance: 1,43,000/ 1,45,000/ 1,46,500
* Nearby Gaps: 1,43,000.
SILVER
SELL SILVER BELOW 217000 SL ABOVE 220000 TGT 213000/208000.
* Nearby Support: 2,17,000/ 2,13,000/ 2,08,000
* Nearby Resistance: 2,22,500/ 2,28,000/ 2,33,000
* Nearby Gaps: 2,23,000.
CRUDEOIL
BUY CRUDEOIL ABOVE 7210 SL BELOW 7100 TGT 7360/7450.
* Nearby Support: 6,900/ 6,750/ 6,600
* Nearby Resistance: 7,210/ 7,400/ 7,580
* Nearby Gap(s): 6,814.
COPPER
BUY COPPER ABOVE 1298 SL BELOW 1290 TGT 1310/1316.
* Nearby Support: 1,283/ 1,272/ 1,263
* Nearby Resistance: 1,298/ 1,310/ 1,319
* Open Gap(s): 1,290.40.
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