Sell Gold Below 147000 SL ABOVE 148000 TGT 145500/144800 - Axis Securities Ltd
Macro
• Gold prices recovered on Thursday after a sharp selloff triggered by stronger-than-expected U.S. inflation data, raising concerns that the Federal Reserve could tighten monetary policy further to contain persistent price pressures.
• WTI crude oil prices declined as traders assessed supply risks from tanker attacks near the Strait of Hormuz, while reports that the U.S. was considering easing sanctions on vessels to lower petroleum shipping costs weighed on prices.
• Copper futures fell toward $6.50 per pound, extending losses for a third consecutive session as stronger-thanexpected U.S. inflation data reinforced expectations of further Federal Reserve rate hikes, dampening the demand outlook for 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 147000 SL ABOVE 148000 TGT 145500/144800.
* Nearby Support: 1,47,000/ 1,45,500/ 1,44,000
* Nearby Resistance: 1,48,000/ 1,50,000/ 1,51,500
* Nearby Gaps: 1,46,000.
Silver
SELL SILVER BELOW 208000 SL ABOVE 212000 TGT 203000/199000.
* Nearby Support: 2,08,000/ 2,03,000/ 1,98,000
* Nearby Resistance: 2,12,000/ 2,17,000/ 2,22,000
* Nearby Gaps: NONE.
Crude Oil
BUY CRUDEOIL ABOVE 9150 SL BELOW 9050 TGT 9300/9380.
* Nearby Support: 8,900/ 8,760/ 8,610
* Nearby Resistance: 9,150/ 9,300/ 9,450
* Nearby Gap(s): 9,116.
Copper
SELL COPPER BELOW 1392 SL ABOVE 1400 TGT 1381/1375.
* Nearby Support: 1,392/ 1,381/ 1,370
* Nearby Resistance: 1,401/ 1,413/ 1,425
* Open Gap(s): 1,403.95.
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