Sell Gold Below 142800 SL ABOVE 144000 TGT 141000/140000 - Axis Securities Ltd
Macro
• Gold prices edged lower on Wednesday as investors assessed renewed military strikes in the Persian Gulf and awaited the Federal Reserve's latest policy meeting minutes for further guidance on the interest rate outlook.
• Copper prices fell nearly 2% after fresh U.S. military strikes on Iran heightened geopolitical tensions. Investors also remained cautious ahead of the Fed minutes, with concerns that rising inflationary risks could keep monetary policy restrictive.
• WTI Crude Oil prices surged in early trade after the U.S. military launched fresh strikes on Iran and reimposed sanctions on the country's oil sector following attacks on vessels in 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 142800 SL ABOVE 144000 TGT 141000/140000.
* Nearby Support: 1,42,800/ 1,41,000/ 1,39,500
* Nearby Resistance: 1,45,400/ 1,47,000/ 1,48,500
* Nearby Gaps: 1,45,000.
SILVER
SELL SILVER BELOW 222000 SL ABOVE 226000 TGT 217000/213000.
* Nearby Support: 2,22,000/ 2,17,000/ 2,11,000
* Nearby Resistance: 2,31,000/ 2,37,000/ 2,43,000
* Nearby Gaps: 2,36,000.
CRUDEOIL
BUY CRUDEOIL ABOVE 7200 SL BELOW 7050 TGT 7400/7500.
* Nearby Support: 6,770/ 6,600/ 6,500
* Nearby Resistance: 7,200/ 7,350/ 7,500
* Nearby Gap(s): 6,705.
COPPER
SELL COPPER BELOW 1260 SL ABOVE 1267 TGT 1250/1243.
* Nearby Support: 1,260/ 1,251/ 1,243
* Nearby Resistance: 1,282/ 1,290/ 1,300
* Open Gap(s): 1,287.40.
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