MCX Gold Petal Futures Crash Below Support – Bears Take Control

Gold Petal Futures on the 2-hour MCX chart have witnessed a sharp and decisive fall after moving sideways for several sessions. The strong support level at ₹9,902 has been clearly broken, triggering a wave of panic selling. Price has now dropped close to ₹9,747, which is acting as the next support zone. The breakdown is backed by strong red candles, showing heavy bearish momentum. Unless the price bounces back above ₹9,902 soon, sellers are likely to dominate with ₹9,700 as the next target.

This fall is supported by changing fundamentals. Geopolitical fears around the Iran-Israel situation have eased, reducing safe-haven demand for gold. At the same time, the U.S. dollar has strengthened after the Federal Reserve hinted at keeping interest rates high, making gold less attractive globally. A stronger Indian rupee and possible profit-booking before the quarter-end are also putting downward pressure on prices. Unless fresh tensions or inflation triggers emerge, gold may remain weak in the short term.

For investors with a medium- to long-term horizon, this pullback could be a favorable entry point to accumulate at lower levels, especially if fresh global risks or inflationary pressures resurface. Patience and staggered buying near support zones could prove rewarding.