MCX Metals Market Report: 19th March 2020

Insignia Consultants

New Delhi

Thursday, 19 March 2020

TIME 9:23 AM IST                         

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MCX METALS MARKET REPORT

Industrial metals sold off yesterday and are selling today at open. Gold has also opened lower. In Mumbai, bullion dealers and jewelers of Zaveri Bazar will keep their shops closed from today to 22nd March (Sunday) in view of the corona virus. Mumbai is just the beginning. More and more traditional sarafa bazar in different cities will be forced to closed down if the corona virus spreads. “Jaan hai to Jahaan hai” is the message right now.

Momentum and trend is down for all industrial metals. Long term key supports have been breached. Technically all are oversold. One needs to trade very carefully. Now are seeing people running for cash. World was seeing this last week.

Gold-silver price gap continues to rise and is currently at Rs.5181.

Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 74.5550: Rupee can rise to 74.8875 and 75.1125 as long as it trades over 74.3625. Nifty trading below 8,000 will have serious negative impact on the rupee. Globally there is shortage of US dollar. US dollar Index is at 101.75 reflects its safe haven status.

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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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