Friday, 22 May 2020
TIME 9:07 AM IST
MCX METALS MARKET REPORT – maintain social distancing
Physical demand in India will rise from next week. Gold jewelry demand will rise from next week. Opening of domestic air traffic from Monday will result in more availability of physical gold and physical silver. “Eid” gold jewelry sales and silver jewelery sales should provide immediate relief to the jeweler affected by the lockdown. Jewelery sales (during Eid celeberations) will not be exceptional but nonetheless better than zero. Jewelers will also stock up physical gold and physical silver. I expect more physical silver demand. Monday MCX will open at 5:00pm Low risk traders do not leave any open positions for Monday. Copper, nickel, industrial metals and crude oil have all opened lower. At the moment these are just profit taking and not a bearish trend. Gold and silver are in a neutral zone.
MCX Crude oil June: Current price Rs.2410. Key support is at 2372. There will be sell off if crude oil trades below 2372 to 2302 and 2246. Key long term support is at 2302. If crude oil does not fall below 2302 till 29th May, then it will rise to 2863 and 3003. Remain on the sidelines today.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 75.7125. 75.5750-75.8850 is the wider trading range. Global trade war uncertainty will result in traders not leaving any open positions for Tuesday.
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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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