Kaynat Chainwala
Kaynat Chainwala
Domestically, MCX gold remained relatively resilient, seeing a 5 per cent decline in the June quarter, supported by the depreciation of the Indian rupee and higher import duties.
Gold sold off not because the war became less threatening, but because the war was making the Fed's job harder.
The Supertrend indicator remains in sell mode, while prices are hovering around the short-term moving average zone, suggesting the absence of a strong directional trend.
Even a successful reopening may not bring oil prices down sharply, as the scale of disruption and the time required for markets to rebalance will keep oil elevated in the range of $80-95 range.
Reports of a possible US-Iran framework involving a ceasefire extension and steps to reopen Hormuz triggered a sharp 7 per cent single-session drop earlier this week
Rising real yields alongside a firmer dollar have together stripped two of gold's most consistent supports simultaneously
MCX Crude Oil on the daily chart is consolidating within a symmetrical triangle pattern, indicating a phase of compression after the recent volatile swings