Friday, 27 March 2020
TIME 10:29 AM IST
MCX METALS MARKET REPORT – stay indoor, maintain social distancing
Direction of the rupee against the US dollar will be key till 14th April. MCX will close early at 5:00pm from Monday till 14th April. A step in the right direction. To my jeweler bhai’s, some people may make a distress gold sale or sell gold jewelery (for survival or to meet medical exigencies). Help them if you can. Humanity first. The good karma now will help your business over the coming months and coming years.
Overall trend is bullish for gold and silver. Extreme sell off (if any) should be used to go long. Crude oil is still bearish. Copper and industrial metals are in a neutral zone. There will be position squaring and rebuilding for next quarter buy global fund managers. I expect US dollar Index to fall further.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 74.6550: Stimulus measures for the masses were announced yesterday. I just hope it reaches the needy. Interest rate cut expectations are there today. Crash or sell off to 74.1250 and 73.7850 will be there if there is more than half a percent interest rate cut. Resistance is at 75.0825.
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NOTES TO THE ABOVE REPORT
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