Insignia Consultants
New Delhi
Monday, 06 January 2020
TIME
9:48 AM IST
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MCX
METALS MARKET REPORTMCX gold price opening with a gap of Rs.900 is not an everyday happening. Chances of a war with Iran along with a weaker rupee resulted in MCX gold February futures opening with a Rs.900 higher gap. Silver and crude oil also opened higher. Crude oil is higher on expectation that supply from the Persian Gulf will be squeezed if there is a war with Iran. Industrial metals have remained unaffected in the first fourty minutes of open.
Volatility in all metals and energies will rise today and this week. One needs to trade and invest for the short term very carefully. Right now it is a momentum trade in all MCX metals and energies. I am not sure whether any economic data release from UK, Eurozone or USA will have any significant impact on precious metal prices.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 72.0900: My bearish view on the rupee continues this week too. Key price to watch is at 72.0050. Usd/inr needs to trade over 72.0050 till tomorrow to rise to 72.3850 and 72.7150. Seller will be there below 72.0050 to 71.7725 and 71.4625.
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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
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TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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