GOLDPETAL JULY – RANGE PLAY BEFORE DECISION MOVEThe 2-hour chart of Gold Petal July shows a classic range-bound structure between ₹9729 (support) and ₹9882 (resistance) after a steep drop from the ₹10064 zone. Post sell-off, the price staged a recovery but has repeatedly faced rejection near ₹9882, forming lower highs. The current candles around ₹9800 are small and indecisive, indicating a lack of momentum. The narrow consolidation zone with reduced volume suggests that the market is waiting for a breakout trigger. Traders should watch for a breakout above ₹9882 for a potential short-term bullish move, or a breakdown below ₹9729 to resume the downtrend.
Fundamentally, Gold remains influenced by global macro data and U.S. rate expectations. Recent hawkish tones from the Federal Reserve, coupled with stronger-than-expected economic resilience, have pressured precious metals. This has kept speculative interest low, evident in the low-volatility zones like the one seen here. In India, weak festive demand and a stable rupee are limiting upside in MCX Gold Petal. However, if geopolitical risks or U.S. job data weaken the dollar, gold could break higher. Until then, range trading remains the most probable scenario with tight stop-losses.
