Sell Gold Below 143000 SL ABOVE 144000 TGT 141500/140600 - Axis Securities Ltd
Macro
• Gold fell below $4,050 per ounce on Wednesday, halting a two-day winning streak as investors took a cautious stance ahead of the U.S. Federal Reserve’s upcoming policy decision and monitored evolving geopolitical developments in the Middle East.
• WTI crude oil rebounded following two consecutive sessions of losses. The pull-up came as renewed attacks by Yemen’s Iran-aligned Houthi movement against Saudi Arabia threatened to undermine recent diplomatic efforts to de-escalate Middle Eastern tensions.
• Copper futures held above $6.60 per pound, extending gains after three straight sessions of rallies. Market sentiment around the industrial metal continued to be buoyed by Anthropic’s IPO filing and strong corporate earnings, which have re-energised investor enthusiasm for the AI expansion trade.
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 143000 SL ABOVE 144000 TGT 141500/140600.
* Nearby Support: 1,43,000/ 1,41,500/ 1,40,000
* Nearby Resistance: 1,44,100/ 1,45,800/ 1,47,500
* Nearby Gaps: 1,44,000.
Silver
SELL SILVER BELOW 194500 SL ABOVE 198000 TGT 190000/187000.
* Nearby Support: 1,94,500/ 1,90,000/ 1,85,000
* Nearby Resistance: 1,96,500/ 2,01,000/ 2,05,000
* Nearby Gaps: 1,97,000.
Crude Oil
BUY CRUDEOIL ABOVE 9750 SL BELOW 9650 TGT 9900/9980.
* Nearby Support: 9,610/ 9,480/ 9,360
* Nearby Resistance: 9,750/ 9,900/ 10,100
* Nearby Gap(s): 9,505.
Copper
BUY COPPER ABOVE 1409 SL BELOW 1400 TGT 1420/1426.
* Nearby Support: 1,402/ 1,391/ 1,380
* Nearby Resistance: 1,409/ 1,420/ 1,429
* Open Gap(s): NONE.
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