Sell Gold Below 145600 SL ABOVE 146500 TGT 144000/143000 - Axis Securities Ltd
Macro
• Gold prices fell on Wednesday as uncertainty surrounding efforts to end the U.S.-Iran war heightened inflation concerns, while expectations of further Federal Reserve tightening continued to weigh on bullion.
• WTI crude oil prices rose early as escalating tensions involving Iran, Saudi Arabia, and Yemen’s Houthis kept markets on edge over potential supply disruptions in the Middle East.
• Copper futures remained below $6.60 per pound, hovering near one-month lows as expectations grew that the U.S. may abandon its proposed tariffs on refined copper imports.
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 145600 SL ABOVE 146500 TGT 144000/143000.
* Nearby Support: 1,45,600/ 1,44,500/ 1,43,000
* Nearby Resistance: 1,46,600/ 1,48,500/ 1,50,000
* Nearby Gaps: NONE.
Silver
SELL SILVER BELOW 208000 SL AOBVE 212000 TGT 203000/199000.
* Nearby Support: 2,08,000/ 2,03,000/ 1,98,000
* Nearby Resistance: 2,11,000/ 2,16,000/ 2,22,000
* Nearby Gaps: 2,11,000.
Crude Oil
BUY CRUDEOIL ABOVE 9470 SL BELOW 9380 TGT 9620/9700.
* Nearby Support: 9,330/ 9,200/ 9,050
* Nearby Resistance: 9,470/ 9,600/ 9,750
* Nearby Gap(s): 9,311.
Copper
SELL COPPER BELOW 1385 SL ABOVE 1393 TGT 1375/1368.
* Nearby Support: 1,385/ 1,375/ 1,363
* Nearby Resistance: 1,401/ 1,412/ 1,421
* Open Gap(s): 1,394.
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