Monday, 13 January 2020
TIME 9:28 AM IST
MCX METALS MARKET REPORT – Happy Lohri and Makar Sankranti to all
Gold and silver have opened slightly lower today. Natural gas has once again also opened lower. Signing of the US-China trade deal will be the key. There will be bursts of one way price move in gold, silver, copper, crude oil and currencies today. Make sure that you are not caught on the wrong end at the time when there is a price burst. Physical demand for gold and silver will be high till Wednesday. Patience is needed for day traders and jobbers today.
Lead and zinc will break free from the recent very narrow trading range and form a new range anytime soon. Trade very carefully in lead and zinc.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 70.8650: Initial support is at 70.7400. Rupee needs to trade over 70.7400 today to rise to 71.0650 and 71.2600. Sell off will be there below 70.7400 to 70.6500 and 70.4725. It will not be easy for rupee to fall below 70.0000 in the short term as RBI continues to buy surplus inflows.
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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.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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