MCX Metals Market Report: 8th January 2020

Insignia Consultants

New Delhi

Wednesday, 08 January 2020

TIME 9:29 AM IST                         

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MCX METALS MARKET REPORT

Excerpts from yesterday’s “MCX metals market report”:  Low risk traders do not leave any open positions for next day. Gold and silver have opened with yet another big gap today. If you had closed your short positions then you are safe. You are busted if you are short in gold and silver. It is better to make less profit instead of a loss by keep zero open positions for next day. Had war with Iran not been there before Japan open, gold and silver would have crashed.

Momentum trading is for intra-day trading. Volatility will rise in all metals and energies. Be a jobber and use the volatility to make maximum profit. Copper, nickel and all industrial metals are firm. Industrial metals will be susceptible to sharp correction if Iran and Middle east tensions rise further.

Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 72.0325: Rupee should trade with a softer bias against the US dollar. Falling global stock markets and energy induced inflation will result in more short term outflows. If Iran war escalates then key resistance zone of 72.50-72.80 will be breached (by next week). Key intraday support is at 71.8550.

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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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PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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