Insignia Consultants
New Delhi
Thursday, 19 March 2020
TIME
9:23 AM IST
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MCX METALS MARKET REPORT Industrial metals sold off yesterday and are selling today at open. Gold has also opened lower. In Mumbai, bullion dealers and jewelers of Zaveri Bazar will keep their shops closed from today to 22nd March (Sunday) in view of the corona virus. Mumbai is just the beginning. More and more traditional sarafa bazar in different cities will be forced to closed down if the corona virus spreads. “Jaan hai to Jahaan hai” is the message right now.
Momentum and trend is down for all industrial metals. Long term key supports have been breached. Technically all are oversold. One needs to trade very carefully. Now are seeing people running for cash. World was seeing this last week.
Gold-silver price gap continues to rise and is currently at Rs.5181.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 74.5550: Rupee can rise to 74.8875 and 75.1125 as long as it trades over 74.3625. Nifty trading below 8,000 will have serious negative impact on the rupee. Globally there is shortage of US dollar. US dollar Index is at 101.75 reflects its safe haven status.
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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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