Sell Gold Below 152000 SL ABOVE 153000 TGT 150500/149000 - Axis Securities Ltd
Macro
• Gold fell below $4,350 an ounce on Wednesday, remaining under pressure as hawkish signals from Federal Reserve officials outweighed the impact of lower oil prices on the inflation and interest-rate outlook.
• WTI crude oil prices remained below $100 a barrel as investors assessed signs of diplomatic progress between the U.S. and Iran, along with improving prospects for Middle Eastern crude supply flows.
• Zinc prices declined to around $3,880 per ton as a stronger U.S. dollar weighed on the market. Hawkish comments from Federal Reserve officials strengthened the dollar, making dollar-denominated commodities more expensive for global buyers.
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 152000 SL ABOVE 153000 TGT 150500/149000.
* Nearby Support: 1,52,000/ 1,50,500/ 1,49,000
* Nearby Resistance: 1,53,000/ 1,55,000/ 1,56,500
* Nearby Gaps: NONE.
Silver
SELL SILVER BELOW 237000 SL ABOVE 241000 TGT 232000/228000.
* Nearby Support: 2,37,000/ 2,32,000/ 2,26,000
* Nearby Resistance: 2,41,500/ 2,46,000/ 2,51,000
* Nearby Gaps: NONE.
Crude Oil
SELL CRUDEOIL BELOW 8490 SL ABOVE 8600 TGT 8350/8280.
* Nearby Support: 8,490/ 8,300/ 8,130
* Nearby Resistance: 8,700/ 8,880/ 9,000
* Nearby Gap(s): NONE.
Copper
BUY COPPER ABOVE 1415 SL BELOW 1408 TGT 1425/1433.
* Nearby Support: 1,407/ 1,399/ 1,390
* Nearby Resistance: 1,415/ 1,426/ 1,435
* Open Gap(s): 1,415.15.
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