Insignia Consultants
New Delhi
Monday, 16 December 2019
TIME
9:05 AM IST
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MCX METALS MARKET REPORT
Crude oil is bullish at the moment. Gold,
silver and nickel are in a neutral zone today. Trump and his impeachment
related news is the key. Key economic data and political events are over. It
should be a technical trade. Traders will start taking position for year end.
Only uncertainties over the signing of the US-China trade deal will cause
volatility. US-China trade deal has been agreed in principle but will be signed
in the first week of January. I will prefer to use sharp dips in all industrial
metals till 31st December to invest for end January. Indian rupee has not gained against the US dollar at open. Once again watch for big one way moves in the rupee. RBI is there in the forex market to prevent sharp gains. It remains to be seen if RBI will be be successful.
Weekly view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 70.8025: Trend is down as long as usd/inr trades below 71.1250 with 70.2500 as price target. Rupee needs to trade over 71.1250 this week to be in bullish zone and rise to 71.6950 and 72.0725. Unless there is significant fall in the US dollar Index, I do not expect usd/inr to fall below 70.0000 till Christmas.
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Disclaimer: Any opinions as to the commentary, market
information, and future direction of prices of specific currencies, metals and
commodities reflect the views of the individual analyst, In no event shall
Insignia Consultants or its employees have any liability for any losses
incurred in connection with any decision made, action or inaction taken by any
party in reliance upon the information provided in this material; or in any
delays, inaccuracies, errors in, or omissions of Information. Nothing in this
article is, or should be construed as, investment advice. All analyses used
herein are subjective opinions of the author and should not be considered as
specific investment advice. Investors/Traders must consider all relevant risk
factors including their own personal financial situation before trading.
Websitewww.insigniaconsultants.in. Prepared by
Chintan Karnani
Disclosure: Members, employees, directors, clients and all other people
associated with “Insignia consultants” do trade in MCX metals and energies.
They may or may not have positions on the trading strategies mentioned in this
report. They may also have open positions in MCX metals and energies futures in
trading strategies other than those mentioned in this report.
Insignia Consultants does not have any branches in India.
Insignia Consultants does not have any marketing agents in any city in
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE
SPECIFIED
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NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
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USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE
TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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