MCX Market Roundup (Evening Update)

Insignia Consultants

Monday, March 13, 2023

 TIME 6:18 PM IST

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MCX Market Roundup (Evening Update)

Crude Oil is down by four percent. Silver is up by four percent. Gold has risen by nearly two percent. Copper has also plunged today. Collapse of Silicon Valley Bank and the bailout will have short term implications. Volatility will rise sharply. I expect a gap open tomorrow in all metals and energies in MCX. There are no major US economic data release today. Banks worldwide will be the focus.

USD/INR VIEW: US dollar demand is there on dips due to US dollar shortage caused by SVB collapse. I believe that RBI and all central banks have intervened today (in their local currencies) to calm the nervous sentiment. Overall weaker sentiment will continue with 82.4500-82.5500 as the key resistance zone till Thursday.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific c3urrencies, 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. Website www.insigniaconsultants.in Prepared by Chintan Karnani

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