Sell Silver Below 232000 SL ABOVE 236000 TGT 227000/222000 - Axis Securities Ltd
Macro
• Gold held below $4,300 an ounce on Thursday after a sharp decline in the previous session, pressured by a stronger US dollar and rising Treasury yields. Stronger-than-expected US private-sector data fueled inflation concerns and increased expectations of further Federal Reserve rate hikes.
• Brent crude rose above $103 a barrel, extending gains from the previous session amid heightened uncertainty over US-Iran negotiations.
• Copper futures fell below $6.70 per pound, retreating from record highs as a stronger US dollar, supported by robust US economic data, reinforced expectations of further Federal Reserve rate hikes.
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 150000 SL ABOVE 151000 TGT 148500/147300.
* Nearby Support: 1,50,000/ 1,48,500/ 1,47,000
* Nearby Resistance: 1,51,500/ 1,53,000/ 1,54,500
* Nearby Gaps: NONE.
Silver
SELL SILVER BELOW 232000 SL ABOVE 236000 TGT 227000/222000.
* Nearby Support: 2,32,000/ 2,27,000/ 2,21,000
* Nearby Resistance: 2,36,000/ 2,41,000/ 2,47,000
* Nearby Gaps: 2,36,000.
Crude Oil
BUY CRUDEOIL ABOVE 9120 SL BELOW 9020 TGT 9300/9400.
* Nearby Support: 8,760/ 8,620/ 8,450
* Nearby Resistance: 9,120/ 9,300/ 9,480
* Nearby Gap(s): NONE.
Copper
SELL COPPER BELOW 1401 SL ABOVE 1409 TGT 1391/1385.
* Nearby Support: 1,401/ 1,390/ 1,380
* Nearby Resistance: 1,415/ 1,426/ 1,435
* Open Gap(s): 1,415.15.
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