MCX Metals Market Report: 29th July 2020

Insignia Consultants

New Delhi

Wednesday, 29 July 2020

TIME 11:54 AM IST                            

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MCX METALS MARKET REPORT – wear mask

MCX gold August reached a new all-time high of Rs.52750 today. Silver September reached a new multiyear high of Rs.67560 yesterday. Trading volumes in gold and silver have risen very sharply. Industrial metals trading volumes are stable to down. High volatility in gold and silver is attracting day traders and jobbers. Some hardcore crude oil traders have also switched to gold and silver as intraday volatility is low in crude oil. FOMC meeting after MCX close is the key. Global factors are all supportive of continued rise in gold and silver. Copper will break free from the recent consolidation phase and form a new range.

MCX Nickel August: Current price: Rs.1034.80 Nickel can rise to 1064 and 1085 by next week as long as it trades over 1004. Key long term support is at 1004. Crash till next week will be there if nickel does not break 1064.

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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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