Insignia Consultants
New Delhi
Tuesday,
03 March 2020
TIME 9:15 AM IST
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MCX METALS MARKET REPORTDirection of the rupee against the US dollar will be the key. I am sure that RBI will intervene (through state run banks) to prevent significant weakness. Trend and momentum for copper, crude oil and all industrial metals is bullish. Fundamentals are bearish.
Big US economic data releases start from tomorrow till Friday. Anything can happen. There will be very sharp two way moves in gold and silver. Premiums (over MCX futures) in physical gold and physical silver crash only if prices fall. If not then premiums will remain firm.
Gold and silver buyers had their stop losses hit. We were bearish on gold and silver from last Tuesday. I cannot give everything for free.
Nickel 31st March 2020: (previous day close/CMP Rs.937.30):
1.
Nickel can rise to 956.50 as long as it trades over
922.50.
Daily view on US Dollar-Indian Rupee (usd/inr) spot:
Current price: 72.5175: 100% retracement is at 72.7950. Rupee has to trade over 72.7950 to
rise to 72.9375 and 73.0625. Overall usd/inr can move 30 paisa either side from
72.5000. It will not be easy for rupee to break 73.0625 this month. (A) There
has to be compelling domestic circumstances like massive spread of corona virus
within India if all rupee has to break past 73.0625. (B) In case rupee does not
break 73.0625 in the next two weeks, then it will fall to 72.0125 and 71.4975. (For Trading Report, Whatsapp @9311139549)
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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THE TIME GIVEN IN THE REPORT IS THE TIME OF
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