Sell Silver Below 233800 SL ABOVE 238000 TGT 227000/223000 - Axis Securities Ltd
Macro
• Gold prices slipped on Thursday after retreating from a fresh two-month high, as investors weighed support from softer U.S. inflation against concerns that higher energy prices could keep the Federal Reserve cautious on interest rates. Softer CPI data lowered expectations for a near-term rate hike, with CME FedWatch now showing a 38%–40% probability of a September hike, down from 46% before the CPI release.
• WTI crude oil prices fell in Asian trade as markets assessed continued uncertainty over West Asian supplies and a weak outlook for crude demand. Oil prices have posted strong gains over the past week amid limited progress toward easing U.S.-Iran tensions and reopening the Strait of Hormuz, a key route for global oil supplies.
• Copper futures fell below $6.55 per pound, hitting a more than one-week low as elevated prices weakened demand and discouraged buyers in top consumer China. The Yangshan premium declined to $96 per ton from $115 per ton last month, signalling softer demand for imported copper.
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 153300 SL ABOVE 154200 TGT 152000/151300.
* Nearby Support: 1,53,300/ 1,51,800/ 1,50,000
* Nearby Resistance: 1,55,200/ 1,57,000/ 1,58,800
* Nearby Gaps: 1,55,000.
Silver
SELL SILVER BELOW 233800 SL ABOVE 238000 TGT 227000/223000.
* Nearby Support: 2,33,800/ 2,29,000/ 2,25,000
* Nearby Resistance: 2,38,000/ 2,43,000/ 2,47,000
* Nearby Gaps: NONE.
Crude Oil
SELL CRUDEOIL BELOW 7790 SL ABOVE 7870 TGT 7620/7560.
* Nearby Support: 7,790/ 7,650/ 7,500
* Nearby Resistance: 7,950/ 8,100/ 8,250
* Nearby Gap(s): 7,783.
Copper
BUY COPPER ABOVE 1374 SL BELOW 1366 TGT 1384/1390.
* Nearby Support: 1,357/ 1,348/ 1,340
* Nearby Resistance: 1,374/ 1,382/ 1,390
* Open Gap(s): 1,375.10.
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SEBI Registration number is INZ000161633
