Tuesday, 14 January 2020
TIME 8:40 AM IST
MCX METALS MARKET REPORT
Gold, nickel and silver will open lower today. Key short term technical support will be tested. I am bullish on copper today. Bottom fishing never works. Better to stay away from crude oil and natural gas today. Trade deal between USA and China will be signed tomorrow. World will see a temporary end to the so call “trade war’. I am saying it as temporary as China and all Asian nations will be taking long term steps to ensure they are long affected by “trade sanctions” or trade alienation. Once nations achieve a way out to get over trade sanctions, they will tear away the trade deal.
There can be some sharp two way moves. One needs to trade very carefully till USA opens.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 70.7100: Initial support is at 70.6600. Rupee needs to trade over 70.6600 today to rise to 70.9600 and 71.0900. Sell off will be there below 70.660 to 70.4375 and 70.1650. Trend for rupee is down at the moment.
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