Gold Petal July Futures is currently showing signs of range-bound consolidation after a sharp recovery from the recent low of ₹9651. The price surged aggressively in the last leg but is now hovering around ₹9829 with multiple small-bodied candles, indicating indecision and balance between bulls and bears. Previous sessions show a strong bullish impulse followed by a flattening structure, suggesting that momentum is cooling off. This tight consolidation just below recent swing highs indicates that buyers are hesitant to push higher without a fresh trigger, while sellers are also not aggressively stepping in.
A breakout above ₹9840 with strong volume could trigger a fresh upward rally, while a fall below ₹9780 may lead to a minor correction. This current price action resembles a bullish flag or base-building phase, and traders should wait for a clear directional move before entering. Until then, the structure is neutral with a slight bullish bias.
This consolidation comes at a time when global gold markets are reacting to mixed signals—rising geopolitical tensions are offering support, while strong US economic data and hawkish Fed commentary are limiting upside. Domestic festive demand and favourable rupee movement are lending local strength, but the market remains cautious ahead of key macro data. Until clearer global triggers emerge, this zone between ₹9,826 and ₹9,880 may act as a supply ceiling, with traders needing confirmation before betting on the next leg.
A breakout above ₹9840 with strong volume could trigger a fresh upward rally, while a fall below ₹9780 may lead to a minor correction. This current price action resembles a bullish flag or base-building phase, and traders should wait for a clear directional move before entering. Until then, the structure is neutral with a slight bullish bias.
This consolidation comes at a time when global gold markets are reacting to mixed signals—rising geopolitical tensions are offering support, while strong US economic data and hawkish Fed commentary are limiting upside. Domestic festive demand and favourable rupee movement are lending local strength, but the market remains cautious ahead of key macro data. Until clearer global triggers emerge, this zone between ₹9,826 and ₹9,880 may act as a supply ceiling, with traders needing confirmation before betting on the next leg.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.