COMMODITY MARKET (03rd Nov 2026)

Morning Commodity Market Snapshot

GOLD

Gold prices traded with positive bias and rebounded and is currently trading near the mark of $3952.70. The strength in the gold prices were seen as the oil prices plunged by 7.31%, at the early hours of the trading session on Tuesday, amid renewed diplomatic efforts involving the U.S. and Iran has pushed the oil prices lower easing inflationary concerns.But upside in the prices, is expected to stay limited there is clear indication on the US-Iran war situation, further investor focus will shift on the US mid term election due today. Taking 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 if prices fall below the mark of $3870, could take the prices again towards $3752.

SILVER

Silver prices have finally managed to trade above the mark of the $50, a psychological level. The upside in the white metal has found support amid fall in crude oil prices to the mark of $103, from the high of $113. Fall in oil prices is attributed to chances of diplomacy between US-Iran situation, so that war does not escalate post the mid term election.Although Iranian representatives exited talks hosted by Qatar on Sunday, a modified peace framework remains active. Tehran suggests its 7-step strategy could take effect within two days, which would reopen the Strait of Hormuz if Washington removes port blockades. On the market front, holding under $50 keeps oil vulnerable to a fall toward $48, while only a weekly close higher than $52 could trigger a rally toward $55.

CRUDE

Brent crude experienced downward pressure, dropping to a low of $102.31 as signs of diplomatic progress between the US and Iran helped temper supply fears. Iranian President Masoud Pezeshkian noted that the supreme leader granted his administration broader authority to negotiate peace, while US President Donald Trump signaled that the talks were making headway. Iranian delegates also expressed optimism about reaching an agreement after three days of Qatar-backed negotiations. This diplomatic push aligns with the ongoing US midterm elections, where rising energy costs from the conflict are putting political strain on the Trump administration and the GOP. From a technical standpoint, the broader bullish trend stays valid while prices hold above $105, with a settlement above $110 potentially sparking further upside. Conversely, a drop below $100 would indicate a shift toward market weakness, targeting the $95 level.

Copper

Copper futures rose by 1.34% to finish the session at ₹1391.95 amid strong fundamentals of rising demand. But chances of interest rate hike in December could limit the upside in the prices. Further rise in LME inventory also limited the upside  in copper prices. 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  ₹1,385 may again  prompt brief downward pressure toward the primary support zone near ₹1,370.

Commodity Levels:

Evening Commodity Trading Guide 03^rd 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 – ₹1,40,500, 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 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 as prices test lower structural support bounds. A breach below key support boundaries could open further downside risk, whereas long-term investors can continue disciplined, dollar-cost averaging on dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face downside pressure, keeping sentiment in line with COMEX. Technical resistance stands at ₹1,80,500 – ₹1,86,000, with support expected near ₹1,75,000 – ₹1,69,500. Technical analysis suggests after breaching the support zone, we may see more weakness in prices. Simultaneously, 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 Bearish Sentiment setup. Overhead resistance levels are placed at $50 – $51.60, while support is likely established around $48 – $46.

Overall View: Silver maintains a distinct bearish technical framework. Positioned beneath key exponential moving averages, failure to hold lower support floors may extend downside weakness, requiring strict risk management for active swing trades while allowing phased accumulation for long-term investors.

Crude Oil Technical Outlook

MCX Crude Oil (Nov): Trading in line with International NYMEX Spot prices, the November contract experiences selling pressure within a broad range. Technical resistance is positioned at ₹9,350 – ₹9,600, while support rests between ₹9,200 – ₹8,880. Technical analysis notes that 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 Mixed Sentiment profile as price action consolidates between intermediate parameters. Resistance stands at $98.60 – $100, while key support levels are seen between $97 – $95.20.

Overall View: Crude oil demonstrates mixed-to-weak technical signals. A breakdown below primary lower support bounds could accelerate downside momentum, warranting heightened caution and disciplined stop-loss management due to persistent geopolitical headline risks.

Copper Technical Outlook

MCX Copper (Nov): Directly tracking global trend, the active November contract experiences persistent downward pressure. Technical resistance is positioned at ₹1,365 – ₹1,380, while key support underpins price action between ₹1,347 – ₹1,336. Technical analysis indicates after breaching the support zone, we may see more weakness in prices. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

COMEX Copper (Spot): COMEX Copper holds a Bearish Sentiment profile as price action consolidates beneath immediate technical ceilings. Overhead resistance stands between $6.50 – $6.60, while key support levels are established between $6.33 – $6.23.

Overall View: Copper carries a distinct bearish bias, tracking global benchmark weakness. Rallies toward overhead resistance boundaries are expected to face fresh selling pressure, and a sustained break below support zones could trigger further downside expansion.

Commodities: Pivot Table

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