Sell Gold Below 149500 SL ABOVE 150500 TGT 148000/147000 - Axis Securities Ltd
Macro
• Gold prices fell further on Wednesday, hitting their lowest level in more than three weeks as escalating U.S.- Iran tensions drove oil prices higher and strengthened expectations that the Federal Reserve may need to raise interest rates to curb inflationary pressures.
• WTI Crude Oil prices advanced for a third consecutive session as renewed hostilities between the U.S. and Iran heightened concerns over prolonged disruptions to crude supplies from the Middle East.
• Copper prices fell toward $6.40 per pound, hitting their lowest level in a month, as rising oil prices and global bond yields intensified inflation and interest-rate concerns, which weighed on the demand outlook.
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 149500 SL ABOVE 150500 TGT 148000/147000.
* Nearby Support: 1,49,600/ 1,47,500/ 1,46,000
* Nearby Resistance: 1,51,100/ 1,53,000/ 1,54,800
* Nearby Gaps: 1,52,000.
Silver
SELL SILVER BELOW 225500 SL ABOVE 229000 TGT 220000/217000.
* Nearby Support: 2,25,500/ 2,20,000/ 2,16,000
* Nearby Resistance: 2,29,000/ 2,34,000/ 2,39,000
* Nearby Gaps: 2,35,000.
Crude Oil
BUY CRUDEOIL ABOVE 8650 SL BELOW 8550 TGT 8800/8900.
* Nearby Support: 8,520/ 8,380/ 8,250
* Nearby Resistance: 8,650/ 8,800/ 8,950
* Nearby Gap(s): 8,149.
Copper
SELL COPPER BELOW 1361 SL ABOVE 1370 TGT 1350/1343.
* Nearby Support: 1,361/ 1,350/ 1,340
* Nearby Resistance: 1,370/ 1,381/ 1,390
* Open Gap(s): 1,372.40.
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