Sell Gold Below 149300 SL ABOVE 150500 TGT 147800/147000 - Axis Securities Ltd
Macro
• Gold prices steadied on Thursday after falling 6% in September, as softer-than-expected U.S. inflation data reduced expectations for another Federal Reserve rate hike. However, elevated Treasury yields and a firmer dollar continued to cap gains.
• Brent crude rose toward $100 per barrel, reversing earlier losses as investors weighed signs of rising Middle East energy flows against the ongoing impasse in U.S.-Iran negotiations.
• Copper futures fell below $6.50 per pound, near a two-week low, as investors assessed mixed economic data from top consumer China. A weeklong holiday in China is also expected to dampen trading activity.
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 149300 SL ABOVE 150500 TGT 147800/147000.
* Nearby Support: 1,49,300/ 1,47,500/ 1,46,000
* Nearby Resistance: 1,51,000/ 1,52,500/ 1,54,000
* Nearby Gaps: 1,49,000.
Silver
SELL SILVER BELOW 224000 SL ABOVE 228000 TGT 219000/214000.
* Nearby Support: 2,24,000/ 2,19,000/ 2,14,000
* Nearby Resistance: 2,27,000/ 2,33,000/ 2,37,000
* Nearby Gaps: 2,24,000.
Crude Oil
BUY CRUDEOIL ABOVE 9000 SL BELOW 8900 TGT 9150/9230.
* Nearby Support: 8,500/ 8,360/ 8,200
* Nearby Resistance: 9,000/ 9,150/ 9,330
* Nearby Gap(s): 8,922.
Copper
SELL COPPER BELOW 1389 SL ABOVE 1396 TGT 1379/1374.
* Nearby Support: 1,389/ 1,379/ 1,370
* Nearby Resistance: 1,408/ 1,419/ 1,427
* Open Gap(s): 1,403.
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