COMMODITY MARKET (03rd Sept 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold paused its weakening streak and managed to gain momentum and is currently trading up by 0.91% at the mark of $4427. The rebound in the gold was seen amid easing dollar index and bond yield further investors are awaiting the non farm payroll data due later in the week, that could give further hint about the FEd’s decision about the interest rate due in September 16-17.However, upside in the gold prices may remain limited as the ADP national employment data showed addition of jobs to the extent of 38,000 in the month of August. Further update on US-Iran will also give further cues about the gold prices direction,but if prices manages to breach the resistance of $4250, we may see the level of $4280-$4300.

SILVER

COMEX silver prices traded above the mark of $65, amid easing dollar and Treasury yields. Further bargain buying from the lower level also kept the white metal prices supported. Upside may remain limited with ADP employment data showing addition in jobs to the extent of 38,000 in the month of August. However investors are eagerly waiting for the non-farm payroll and unemployment claims that will give further cues about the labour market which may influence the interest rate decision due in the coming week. Thus, if silver prices traded  above $65, we may see it reaching for the upside destination of $67-$71.

CRUDE

Brent pisces again seems to be nearing the $95, amid tension between US and Iran. As per the reports, US military targeted Iranian rocket launchers which were preparing to deploy mines into the Strait of Hormuz, marking the first such attack, after their last attack in July. In retaliation Iran has also launched attacks on the military bases of the US on Jordan, Kuwait, Bahrain, Iraq and the UAE, thus deepening the geopolitical tension, which is keeping oil prices elevated. Thus if prices manage to breach $95, in Brent we may see the level of $98, sooner, however failing to do so would take prices towards $91.

Copper

MCX copper failed to sustain the level of 1370, amid concern about rising interest rates in the month of September amid increase in crude oil prices due to heightened tension between US-Iran. But copper prices are expected to remain elevated amid supply disruption and rise in demand. Thus, If Copper prices sustains above the mark of ₹1370, can push the prices towards the mark of ₹1385. However, falling below 1370, would trigger weakness to the level of 1360.

Commodity Levels:

Evening Commodity Trading Guide 03^rd Sept 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract reflects stabilization, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,55,000 – ₹1,57,000, while the primary support zone lies between ₹1,53,400 – ₹1,51,000. Chart setups indicate weakness is seen from a few days but seeing a short covering from lower levels and can continue this way but stay cautious. For long-term allocation strategy, long-term investors can consider buying in small amounts on every dip to systematically build core value positions over time.

COMEX Gold (Spot): Spot gold displays a Sideways Sentiment profile as price action consolidates within a defined trading band. Immediate resistance is identified near $4,480 – $4,550, while key support levels are seen near $4,400 – $4,350.

Overall View: Gold shows initial signs of short-covering support after recent multi-day weakness. While upside momentum could extend toward upper boundaries, tactical traders should remain prudent near resistance floors while investors scale into strategic dips.

Silver Technical Outlook

MCX Silver (Dec): Tracking global benchmark movement, the active December contract shows stabilizing signs, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,40,500 – ₹2,44,000, with primary support expected near ₹2,37,000 – ₹2,33,000. Technical analysis indicates weakness is seen from a few days but seeing a short covering from lower levels and can continue this way but stay cautious. Simultaneously, long-term investors can consider buying in small amounts on every dip to construct core long-term allocations.

COMEX Silver (Spot): Spot silver carries a Sideways Sentiment profile. Overhead resistance levels are placed at $67 – $68.50, while primary underlying support buffers are likely established around $65 – $63.40.

Overall View: Silver enters a short-covering bounce phase following recent pullbacks. Keep a close watch on key support zones for trend confirmation before taking aggressive directional trades.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the contract builds momentum near key technical thresholds. Technical resistance is positioned at ₹8,800 – ₹9,000, while key support holds between ₹8,400 – ₹8,200. Chart indicators suggest the contract may see an up move after sustaining above the resistance zone. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil exhibits a Bullish Sentiment structure as supply fundamentals favor upside expansion. Overhead resistance stands at $93 – $96, while key floor support levels are seen between $91.50 – $89.50.

Overall View: Crude oil maintains an assertive bullish bias. A sustained breakout above immediate resistance bands could unlock further upward continuation, though strict risk management remains mandatory given headline sensitivities.

Zinc Technical Outlook

MCX Zinc (Sept): Directly tracking global trends, the active September contract continues to hold firm buying interest near lower demand levels. Technical resistance is positioned at ₹415 – ₹418, while primary support underpins price action between ₹412 – ₹408. Under this positive technical setup, the key strategy remains Buy on Dips. 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, underpinned by stable demand parameters. Overhead resistance stands between $3,900 – $3,940, while key support levels are established between $3,850 – $3,800.

Overall View: Zinc retains a healthy constructive trend profile. Technical pullbacks toward support floors continue to offer attractive risk-reward entry zones for dip buyers.

Commodities: Pivot Table

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