Friday, 24 January 2020
TIME 9:15 AM IST
MCX METALS MARKET REPORT
This whole week MCX gold and silver have been opening either with a higher gap or a lower gap. There can be abrupt one way price moves in all metals and energies due Chinese holiday. Day trading and short term investing has not been easy. In my there is still huge long positions in crude oil. Preferable stop loss (if any) should be blow 3810 in crude oil longs.
If Chinese corona virus spreads into more nations on the weekend, then crude oil and all industrial metals will see more sell off next week. Volatility will rise in all metals and energies in MCX.
Gold, copper, zinc, lead, nickel, and natural gas futures are expiring next week. Gold options is also expiring on Monday. Short term traders will start taking positions for next month as the day progresses. Low risk traders should not leave any open positions for next week.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 71.3050: Month end demand has resulted in the rupee getting weaker this week. Importers and other payers are not waiting for the Union budget. Technically rupee needs to trade over 71.2900 to rise to 71.5075. Sell off will be there if rupee trades below 71.2900.
Have a great weekend.
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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
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