Friday, 26 June 2020
TIME 9:42 AM IST
MCX METALS MARKET REPORT – maintain social distancing
There will be a good physical gold demand and physical silver demand if prices sell off today. Higher physical demand implies high hedging demand in futures by all concerned sellers. Physical buying of gold and silver in “Unfix” by jewelers is history. Long term trend for gold and silver is bullish. Jewelers and others will dare not buy physical gold and physical gold in “Unfix” mode. “Unfix” buyers of physical gold had incurred massive losses in 2019. Today all precious metals and industrial metals in MCX will try to rise. If not they will crash. Next week is shortened trading week due to a USA holiday on 3rd July. Traders will start taking positions for next week once rupee future close.
MCX Zinc July: Current price: 164.75. Zinc needs to trade over 162.80 till Monday to rise to 166.70 and 170.70. Crash till Monday will be there only if zinc trades below 162.80.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 75.5200. Gains in the rupee will not last long. Importers and other who have near term payables should use strict trailing stop losses. 75.3750 is the key support till Monday. Sell off will be there if rupee trades below 75.3750. Next two weeks is big week for the rupee. Short term trend will be there only after 10th July. Rupee daily trend can keep on changing till 10th July. Today a break of 75.6750 will pave the way for 75.8250.
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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
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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