Tuesday, 07 April 2020
TIME 9:31 AM IST
MCX METALS MARKET REPORT – stay indoor, maintain social distancing
Trend for gold, crude oil and silver is bullish at the moment. A break of key technical resistances will result in another five percent more rise by next week (in gold and silver). Crude oil is bullish, but can sell off if there is a failed meeting on Thursday between Opec and USA. Industrial metals are rising on hope that corona virus infections will top out shortly in USA, Spain and Italy and China could be corona virus free soon. India’s battle with corona virus has just started. We should also be careful till the government does not declare India free from corona virus. Remember that even one undetected corona virus person can be a big burden to India.
MCX Gold June 2020: (previous day close/CMP Rs.45134.00)
- Gold can rise to 46421 as long as it trades over 44740.
- Today Sellers will be there only if gold trades below 44740.
- Corrections upto 43701 (if any) are the part of the bullish trend.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 75.9000 Reduced trading hours is there for the next two weeks. Demand will be the key. Short positions is more or less zero. Friday is once again a holiday. Traders, exporters, importers will start taking positions for next week. A staggered opening to the lockdown is expected. Indian exports will take a hit till June. New export sectors are opening for SME. To me this is the biggest positive of corona virus for India. It is upto to the government and industry to coordinate to increase exports by SME. Technically 75.5750 is the key support with 76.2425 as key resistance.
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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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