Insignia Consultants
New Delhi
Friday, 03 January 2020
TIME
10:05 AM IST
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MCX
METALS MARKET REPORTAs expected gold and silver rose open higher and rose. Clients were advised not to go short in gold and silver if they had gone for vacation. Premium service subscribers was advised to go long in gold and silver at the beginning of the week. I am happy that clients made good profit in MCX in gold and silver trades at the start of the year. I had written (in our daily report) in the second week of December that trend at the end of the year, needs to be taken seriously. We are right. Mobile trading has resulted in traders trading while on vacation and when they on the move. Hard core traders will trade and invest. Large investment firms have a 24/7 team which for investment opportunities.
Next week is a big global economic data release week. Anything can happen next week. Industrial metals will break free from the recent range trade and form a new range. I am bullish on industrial metals for next week. Only risk is chances of a war with Iran and/or crude oil prices zoom.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 71.5825: I am still bearish on the rupee against the US dollar. Key resistance is at 71.6525. A break of 71.6525 will result in 71.8275 and 72.0225. Sellers 71.4750.
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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
India.
NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE
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TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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