Sell Silver Below 230000 SL ABOVE 234000 TGT 225000/221000 - Axis Securities Ltd
Macro
• Gold prices pulled back in the last session as investors continued to reassess the Federal Reserve’s interestrate outlook following Chair Kevin Warsh’s hawkish stance on inflation. Rising oil prices also added to concerns over persistent inflationary pressures.
• WTI crude oil prices extended their gains in Asian trading after U.S. President Donald Trump threatened further strikes against Iran, raising concerns that renewed hostilities could prolong disruptions to energy flows through the Strait of Hormuz.
• Copper futures climbed above $6.60 per pound, extending gains for a second consecutive session amid ongoing supply constraints. Data showed that copper production in top producer Chile fell 9.4% YoY in July, highlighting tightening supply conditions in global markets.
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 152200 SL ABOVE 153000 TGT 151100/150400.
* Nearby Support: 1,52,200/ 1,50,500/ 1,48,000
* Nearby Resistance: 1,55,000/ 1,57,500/ 1,60,000
* Nearby Gaps: 1,54,000.
Silver
SELL SILVER BELOW 230000 SL ABOVE 234000 TGT 225000/221000.
* Nearby Support: 2,30,000/ 2,24,000/ 2,18,000
* Nearby Resistance: 2,36,000/ 2,41,000/ 2,47,000
* Nearby Gaps: NONE.
Crude Oil
BUY CRUDEOIL ABOVE 8370 SL BELOW 8270 TGT 8500/8600.
* Nearby Support: 8,180/ 8,000/ 7,830
* Nearby Resistance: 8,370/ 8,500/ 8,650
* Nearby Gap(s): 8,149.
Copper
SELL COPPER BELOW 1377 SL ABOVE 1386 TGT 1366/1360.
* Nearby Support: 1,377/ 1,368/ 1,360
* Nearby Resistance: 1,396/ 1,406/ 1,415
* Open Gap(s): NONE.
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