MCX Metals Market Report: 20th March 2020

Insignia Consultants

New Delhi

Friday, 20 March 2020

TIME 9:51 AM IST                         

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MCX METALS MARKET REPORT

Gold, silver, copper and crude oil are rising after open. Rupee is flat against the US dollar. Jewelery demand virtually zero. Big indian summers jewelery demand was supposed to be started from navratras next week. Marriages in April has been postponed. The next three weeks are very crucial for India on corona virus spread. I just hope it stops. If virus spreads in a big way in india, then gold demand will be zero to negative. Some people might be to forced to sell gold in order to survive.

There will be position squaring and rebuilding for next week.

Crude oil 20th April 2020: (previous day close/CMP Rs.2082.00)

  1. Crude can rise to 2350 as long as it trades over 1970.
  2. Crash today will be there below 1970.

Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 74.8825: Key resistance is at 75.1175. A break of 75.1175 will result in 75.3650 and 75.6250. Rupee will zoom if it trades over 751175 today. Sellers will be there below 74.6325 today.

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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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