Sell Silver Below 223000 SL ABOVE 227000 TGT 218000/214000 - Axis Securities Ltd
Macro
• Gold prices traded near $4,200 an ounce on Monday after rising for two consecutive sessions, as falling oil prices eased inflation concerns. Hopes that Russian diesel supplies could help reduce global fuel shortages weighed on crude oil prices.
• Copper futures climbed toward $6.70 per pound, approaching record highs as ongoing supply disruptions supported prices, particularly amid concerns over production in Chile, the world’s leading copper producer. • Crude oil prices fell toward $90 per barrel, ending a two-session rally as expectations of increased Russian diesel supplies eased concerns over global fuel shortages.
• U.S. natural gas futures declined to $3.17 per MMBtu after reaching a two-week high in the previous session. Prices had gained amid supply disruptions in the Gulf of Mexico caused by Hurricane Isaias, which forced producers to shut in around 1.3 Bn cubic feet per day (bcfd), representing 59% of offshore Gulf output.
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 149700 SL ABOVE 150600 TGT 148000/147000.
* Nearby Support: 1,49,700/ 1,48,000/ 1,46,500
* Nearby Resistance: 1,51,600/ 1,53,000/ 1,54,500
* Nearby Gaps: 1,51,000.
Silver
SELL SILVER BELOW 223000 SL ABOVE 227000 TGT 218000/214000.
* Nearby Support: 2,23,000/ 2,18,000/ 2,13,000
* Nearby Resistance: 2,26,000/ 2,32,000/ 2,37,000
* Nearby Gaps: 2,21,000.
Crude Oil
BUY CRUDEOIL ABOVE 8880 SL BELOW 8800 TGT 9000/9100.
* Nearby Support: 8,600/ 8,450/ 8,300
* Nearby Resistance: 8,880/ 9,050/ 9,200
* Nearby Gap(s): 8,881.
Copper
BUY COPPER ABOVE 1427 SL BELOW 1420 TGT 1437/1445.
* Nearby Support: 1,419/ 1,410/ 1,400
* Nearby Resistance: 1,427/ 1,438/ 1,448
* Open Gap(s): 1,427.15.
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