Tuesday, 24 March 2020
TIME 9:16 AM IST
MCX METALS MARKET REPORT – stay indoor, maintain social distancing
Silver has skyrocketed today at open. Gold is also bullish. Copper and industrial metals have opened higher as well. I am not sure if trend will be sustainable. Community spread of the corona virus is just at a nascent stage. One needs to be very careful. Do not showoff by breaking the lockdown. In case the corona virus gets you, you will be automatically be locked down. “Hum too doobe sanam, saath mein sabhi ko lee kee doobenge” will happen if you do not maintain social distancing.
Most central banks are resorting to unlimited quantitative easing. All metals and energies can rise and fall at the same time. Everything is purely a speculative play at the moment.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 76.0550: 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 has been intervening continuously. Sky will be the limit for the rupee if the corona virus has community spread on or after 7th April.
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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
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NOTES TO THE ABOVE REPORT
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