MCX Metals Market Report: 27th March 2020

By: Admin
52668

Insignia Consultants

New Delhi

Friday, 27 March 2020

TIME 10:29 AM IST                       

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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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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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