The Indian government has reportedly increased import duty on gold, silver & precious metals from 6% to 15%โฆ
And MCX Gold responded with a MONSTER vertical candle ๐๐ฅ
In just hours, traders witnessed one of the craziest moves in the Indian bullion market this year.
What just happened? ๐
๐ฐ Imported gold suddenly became far more expensive
๐ Pressure on the rupee is increasing
๐ฆ Govt is trying to reduce dollar outflow & control imports
โ ๏ธ Domestic gold prices instantly repriced higher
This wasnโt retail buying.
This was a full-blown PANIC REPRICING move.
The chart literally went from calm consolidation โ straight vertical explosion ๐
And now the entire market is divided:
๐ Bulls say this is the beginning of a historic MCX gold rally toward โน170K+
๐ป 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. ๐
What makes this even crazier? ๐
Global gold didnโt move THIS aggressivelyโฆ
But Indian MCX Gold exploded because the domestic market directly reacts to import duty shocks.
This is why MCX traders are calling it a โpolicy candleโ a move created by government action, not normal technical trading.
Now traders are watching closely for:
๐ โน164Kโ166K resistance
๐ Possible FOMO buying from retailers
๐ Violent pullbacks after the news hype
๐ Whether silver follows the same breakout
This could become one of the most talked-about MCX moves of the month.
Question for traders ๐
Is this the start of a massive Gold Supercycle in India?
Or the perfect trap before a brutal correction? ๐๐ฅ
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