COMMODITY MARKET (02nd Nov 2026)

Morning Commodity Market Snapshot

GOLD

Gold prices traded with positive bias and rebounded from a low of $3870.255, and is trading up by half percentage at the mark of $3894, at the wee hours of the trading session on Monday., amid bargain buying from the lower levels.But upside is still seen limited with oil prices continuing to be the hindrance, as it sustains above the mark of $109. However, signs of ongoing diplomatic talks to prevent renewed US military action against Iran after the midterm elections offer hope for lower oil prices, which could help cushion gold. But from a technical point of view, continuous trading and daily closing above the mark of $3970, prices would be biased towards the mark of $4050, but sustained trading below the mark of $3870, could take the prices again towards $3752.

SILVER

Silver dropped below the mark of $50 hitting a low not seen since November 2025. Though prices continue to be under $50, Monday morning saw  a rebound of almost 1.5% to pull the prices towards $49.91, from Friday’s close of $49.1070. The upside is attributed to bargain buying from lower levels. But prices are yet to see the light of the day, as constant elevated oil prices and probability of rate hike in december which is still above 75% mark is posing as hiccups for upside in the white metal.  However, diplomatic talk between US-Iran to negate the possibility of military strikes against Iran following the midterm election, is also providing a cushion to the silver prices. But  On the technical front,  prices are poised towards the downward destination of $48, if prices sustains below the mark of $50.Only weekly closing above the mark of $52, could open the gates for an upwards destination of $55.

CRUDE

Brent crude traded firmly above $109 per barrel with strong upward momentum, driven by growing fears of renewed US military action against Iran following the midterm elections. Despite diplomatic efforts, escalating regional friction, including heightened clashes between Saudi forces and Tehran-backed Houthi militants, propelled the international benchmark up more than 10% in October. Persistent attacks on commercial tankers in the Strait of Hormuz continue to heighten shipping hazards, keeping supply risks elevated and sustaining the rally. Consequently, the bullish outlook remains intact while prices hold above $106, with a close above $110 opening the door for further gains. Only a breach below $105 would signal weakness toward the $100 mark.

Copper

Copper futures fell by 1.5% to finish the session at ₹1373.60 amid higher dollar index and inflation concern which continued to elevate the chances of interest rate hike in December. Further rise in LME inventory also supported fall in the copper prices. But downside  remains limited amid strong fundamentals of rising demand. But copper continued to face resistance at ₹1407. Sustaining trading above the pivotal mark  of 1407 could pave the way for a move toward the ₹1,415 range. Conversely, falling below the mark of  ₹1,375 may again  prompt brief downward pressure toward the primary support zone near ₹1,360.

Commodity Levels:

Evening Commodity Trading Guide 02^nd Nov 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract reflects an ongoing corrective posture, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,38,800 – ₹1,40,000, while the primary support zone lies between ₹1,37,500 – ₹1,36,000. Technical analysis indicates that after breaching the support zone, we may see more weakness in prices. For strategic long-term allocation, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions.

COMEX Gold (Spot): Spot gold displays a Sideways to Bearish Sentiment profile as price action trades beneath immediate technical hurdles. Overhead resistance is identified near $3,925 – $3,980, while key underlying support levels are seen near $3,870 – $3,820.

Overall View: Gold remains under short-term selling pressure within a sideways-to-bearish framework. A failure to hold the key support zone could trigger further price weakness toward lower structural bounds, though strategic buyers can continue disciplined, phased accumulation on price dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price behavior, the active December contract continues to face downside pressure, keeping sentiment in line with COMEX. Technical resistance stands at ₹1,83,000 – ₹1,88,000, with support expected near ₹1,80,200 – ₹1,75,000. Technical analysis suggests after breaching the support zone, we may see more weakness in prices. Concurrently, long-term investors can consider buying in small amounts on every dip to build core long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a Sideways to Bearish Sentiment setup. Resistance levels are placed at $51 – $52, while support is likely established around $50 – $48.80.

Overall View: Silver maintains a weak technical framework as price action consolidates near lower support bounds. A breach below immediate support levels threatens further downside expansion, necessitating strict stop-loss discipline for tactical positions.

Crude Oil Technical Outlook

MCX Crude Oil (Nov): Trading in line with International NYMEX Spot prices, the November contract experiences an ongoing corrective shift. Technical resistance is positioned at ₹9550 – ₹9750 while support rests between ₹9,350 – ₹9,150. Technical analysis notes weakness in prices may continue after sustaining below the support zone. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Bearish Sentiment profile as upside momentum faces overhead resistance. Resistance stands at $100.50 – $103.50, while key support levels are seen between $98.80 – $96.50.

Overall View: Crude oil has shifted into a bearish posture following rejection at higher resistance zones. Sustained weakness below technical support boundaries could accelerate selling, requiring market participants to maintain vigilant risk controls given ongoing geopolitical headline risks.

Zinc Technical Outlook

MCX Zinc (Nov): Directly tracking global trend, the active November contract displays a positive consolidation pattern. Technical resistance is positioned at ₹419.50 – ₹423, while key support underpins price action between ₹412.50 – ₹408. Technical analysis indicates may see an upmove after sustaining above the Resistance Zone. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc holds a Sideways to Bullish Sentiment profile as price action consolidates with an upward bias. Overhead resistance stands between $3860 – $3900, while key support levels are established between $3830 – $3790.

Overall View: Zinc demonstrates constructive price behavior near key resistance parameters. Sustaining a breakout above overhead resistance boundaries can trigger renewed upward momentum, though heightened market volatility warrants cautious position sizing.

Commodities: Pivot Table

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