The Indian government has reportedly increased import duty on gold, silver & precious metals from 6% to 15%ā¦
And MCX Gold responded with a MONSTER vertical candle šš„
In just hours, traders witnessed one of the craziest moves in the Indian bullion market this year.
What just happened? š
š° Imported gold suddenly became far more expensive
š Pressure on the rupee is increasing
š¦ Govt is trying to reduce dollar outflow & control imports
ā ļø Domestic gold prices instantly repriced higher
This wasnāt retail buying.
This was a full-blown PANIC REPRICING move.
The chart literally went from calm consolidation ā straight vertical explosion š
And now the entire market is divided:
š Bulls say this is the beginning of a historic MCX gold rally toward ā¹170K+
š» Bears say this is an emotional spike and profit-booking crash can come anytime
One thing is certain:
Anyone holding shorts during this candle probably got liquidated brutally. š
What makes this even crazier? š
Global gold didnāt move THIS aggressivelyā¦
But Indian MCX Gold exploded because the domestic market directly reacts to import duty shocks.
This is why MCX traders are calling it a āpolicy candleā a move created by government action, not normal technical trading.
Now traders are watching closely for:
š ā¹164Kā166K resistance
š Possible FOMO buying from retailers
š Violent pullbacks after the news hype
š Whether silver follows the same breakout
This could become one of the most talked-about MCX moves of the month.
Question for traders š
Is this the start of a massive Gold Supercycle in India?
Or the perfect trap before a brutal correction? šš„
š Like ā¢ š Share
š Follow for Fastest Crypto News & Market Alerts
