Friday, 20 March 2020
TIME 9:51 AM IST
MCX METALS MARKET REPORT
Gold, silver, copper and crude oil are rising after open. Rupee is flat against the US dollar. Jewelery demand virtually zero. Big indian summers jewelery demand was supposed to be started from navratras next week. Marriages in April has been postponed. The next three weeks are very crucial for India on corona virus spread. I just hope it stops. If virus spreads in a big way in india, then gold demand will be zero to negative. Some people might be to forced to sell gold in order to survive.
There will be position squaring and rebuilding for next week.
Crude oil 20th April 2020: (previous day close/CMP Rs.2082.00)
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 74.8825: Key resistance is at 75.1175. A break of 75.1175 will result in 75.3650 and 75.6250. Rupee will zoom if it trades over 751175 today. Sellers will be there below 74.6325 today.
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