Insignia Consultants
New Delhi
Tuesday, 07 January 2020
TIME
9:02 AM IST
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MCX
METALS MARKET REPORTVolatility will be very high. Yesterday sell stop losses was triggered in gold and silver. Today buy stop losses will be triggered if gold and silver fall today. One needs to trade very carefully in gold and silver. Low risk traders do not leave any open positions for next day. Crude oil will also be very volatile.
Focus will now shift to US December private ADP job numbers tomorrow and Friday’s US December nonfarm payrolls. Industrial metals can see big one way price moves. Be prepared for the same.
READ CAREFULLY – A BIT ON “UNFIX” GOLD
Jewelers in India buy physical gold in “Unfix” mode. Unfix implies that gold is purchased BUT price is fixed at a later date. Yesterday’s price rise forced most of the jewelers to fix the price of physical gold. Most of the price fixing for “Unfix” gold was between Rs.42000 and Rs.42600 per ten grams. The same has been with physical silver.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 71.8675: RBI has allowed Tier-I banks to allow currency hedging 24/7 (24 hours). This is a new year gift to India business. Trading volumes of rupee in India will rise. Big gap between previous day close and next day open will soon be history. If rupee falls today then it will test 71.40-71.45 zone. Rupee needs to trade over 72.0050 till Friday to rise further.
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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
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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