Sell Gold Below 148800 SL ABOVE 150000 TGT 147000/146000 - Axis Securities Ltd
Macro
• Gold prices edged higher on Monday after posting their biggest weekly decline since June, as signs of a slowdown in the U.S. labour market reduced expectations for another Federal Reserve rate hike. However, elevated Treasury yields and rising oil prices continued to weigh on bullion.
• WTI crude oil prices fell in Asian trading as rising crude exports from the Middle East and a planned release of emergency oil stocks by Group of Seven nations eased near-term supply concerns. However, heightened geopolitical tensions limited the downside.
• Copper futures climbed above $6.5 per pound, recovering some of last week’s losses as weaker-thanexpected U.S. jobs data reduced pressure on the Federal Reserve to raise interest rates further.
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 148800 SL ABOVE 150000 TGT 147000/146000.
* Nearby Support: 1,48,800/ 1,47,000/ 1,45,500
* Nearby Resistance: 1,51,500/ 1,53,500/ 1,55,000
* Nearby Gaps: 1,50,000.
Silver
BUY SILVER ABOVE 229000 SL BELOW 226000 TGT 234000/238000.
* Nearby Support: 2,25,500/ 2,20,000/ 2,15,000
* Nearby Resistance: 2,29,000/ 2,34,000/ 2,38,000
* Nearby Gaps: NONE.
Crude Oil
BUY CRUDEOIL ABOVE 8800 SL BELOW 8900 TGT 9050/9150.
* Nearby Support: 8,600/ 8,450/ 8,300
* Nearby Resistance: 8,800/ 8,970/ 9,100
* Nearby Gap(s): 8,916.
Copper
BUY COPPER ABOVE 1407 SL BELOW 1400 TGT 1417/1425.
* Nearby Support: 1,399/ 1,390/ 1,380
* Nearby Resistance: 1,407/ 1,419/ 1,427
* Open Gap(s): 1,399.60.
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