MCX Metals Market Report: 23rd March 2020

By: Admin
55780

Insignia Consultants

New Delhi

Monday, 23 March 2020

TIME 9:43 AM IST                         

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MCX METALS MARKET REPORT – stay indoor, maintain social distancing

Please take the threat of CVOID seriously. We are humans first later religions, nations etc. Feed the needy and take steps to reduce our daily garbage. Rupee has weakened over 76.0000 for the first time against the US dollar. Gold and silver have opened higher due to weaker rupee. Crude oil is bearish on global lockdown. Gold options expiry is on 25th march (Wednesday). There will be position squaring and rebuilding in gold for end May by large traders and fund managers.

Economic data releases at the moment is useless. Trend of the rupee will be the key today.

MCX Crude oil 20th April 2020: (previous day close/CMP Rs.1787.00)

  1. Crash today will be there below 1737 to 1642 and 1548.
  2. Key weekly support is at 1642.
  3. If crude oil does not fall below 1642, then it will rise to 2182.

Premiums on physical gold and physical silver in the cash market will rise as more and more will convert their cash into gold/silver.

Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 76.0250: Key resistance is at 76.1975. A break of 76.1975 will result in 76.6875 and 77.0850. sellers will be there if rupee trades below 75.7050. Reserve bank of India intervention will be the key. US dollar demand will be mainly for corporate debt payables. Import demand will be zero. Export receivables will nosedive in the second quarter of the calendar year.

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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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