Insignia Consultants
New Delhi
Monday, 23 December 2019
TIME
10:03 AM IST
----------------------------------------------------------------------------------------------------------------
MCX METALS MARKET REPORT
Gold and silver are trading higher
today. Crude oil is flat. Natural gas still fall before December future close.
Copper and zinc are also trading lower. Rupee is slightly weak. Position
squaring and rebuilding will be there for next quarter and next calendar year.
Globally there is not much news. I will prefer to remain on the sidelines today. Copper and NG if they fall today will test key short term technical support. Nickel if it rises today will test key long term resistance. Boom or bust time for crude oil till Thursday.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 71.1500: Spot value date shifts to Thursday. Hundred day moving average at 71.2775 is the key resistance. A break of 71.2775 will result in 71.5150 and 71.8300. There will be short covering if usd/inr rises today and tomorrow. This week rupee needs to trade over 70.9500 to be in bullish zone.
If the rupee weakens today, then all MCX metals and energies will remain firm unless globally they crash.
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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.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE
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THE
TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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