COMMODITY MARKET (04th Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with flat to negative sentiment is seen trading below the mark of $4050, as investor eyes talk between US-Iran, where Trump has given confidence of reopening Strait of Hormuz. However, Iran has denied any direct talk with the US, thus bringing back the uncertainty in the market. Amid this uncertainty the possibility of a rate hike by 25bps  in September has risen to 65%. But still eyes on US economic numbers due to be re;eased this week, which include unemployment claims, unemployment rate, which will further give insight on US economy and decide the direction of dollar index, which yet again has crossed the a mark of 100, weighing on bullion prices.

SILVER

COMEX silver prices continued to trade flat near the mark of $58.16, at the early hours of the trading session on Friday. Strengthening dollar index, along with US-Iran uncertainty continues to  loom over the silver prices, which is failing to breach  the mark of $61. Downside in prices remain capped as, market awaits US economic numbers, that are due to be released this week, providing more cues on the US economy which will ultimately have an effect over silver prices in the longer term. Silver prices must trade above the mark of $61, to gain strength to reach for the upside destination of $64-$67.

CRUDE

Brent crude oil prices traded with positive bias and pulled itself above the mark of $80, to trade near the level of $83.17, amid bargain buying at lower levels along with uncertainty over US-Iran talk. But upside still remains capped, as Trump talks about the opening of Strait of Hormuz, which if happens at the earliest will weigh heavily on the oil prices, also with OPEC increasing its production to 188,000 bps effective from September, would increase supply thus pushing pressure on oil prices in the longer term.

Copper

Copper is traded above the mark of  ₹1345,and settled the day at the level of ₹1347.25 on MCX amid falling inventory , along with disruption in supply and exponential rise of copper demand amid rise in EV, AI and green energy. If copper is priced above the mark of ₹1350 and sustains this level, it can push the prices towards the mark of ₹1370. However, falling below 1340, would trigger weakness to the level of 1324.

Commodity Levels:

Evening Commodity Trading Guide 04^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract is demonstrating a constructive base, keeping its sentiment in line with COMEX. Immediate technical resistance is positioned at ₹1,45,000 – ₹1,46,000, while the primary support zone lies between ₹1,43,500 – ₹1,42,500. Under this technical setup, the primary tactical approach is Buy on Dips. For strategic portfolio positioning, long-term investors can consider buying in small amounts on every dip to build core long exposure inside value bands.

COMEX Gold (Spot): Spot gold carries a Sideways to Bullish Sentiment as global market participants assess macroeconomic trends and interest rate expectations. Overhead technical resistance stands near $4,100 – $4,150, while key support levels are seen near $4,050 – $4,000.

Overall View: Gold presents an improving technical profile with an upward bias, favoring a disciplined buy-on-pullback strategy. Active traders should look for entries around core support boundaries rather than chasing breakouts near overhead resistance limits.

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues to exhibit positive momentum, keeping sentiments in line with COMEX. Near-term upside moves face technical resistance at ₹2,22,000 – ₹2,25,000, while firm support is expected near ₹2,20,000 – ₹2,18,000. Under this supportive framework, the primary trading directive is Buy on Dips. Simultaneously, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions.

COMEX Silver (Spot): Spot silver holds a Sideways to Bullish Sentiment trajectory, supported by balanced industrial and investment demand metrics. Resistance levels are placed at $60 – $61, while downside support buffers are likely around $59 – $58.

Overall View: Silver remains well-positioned for further gains on corrective dips within its ascending range. Market participants should utilize orderly pullbacks toward support zones to structure risk-defined long setups.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): The active August contract continues to trade in line with International NYMEX Spot prices, holding a defensive technical posture. Upside recovery rallies face persistent supply overhead, with resistance marked at ₹7,550 – ₹7,850. Downside support is identified between ₹7,200 – ₹7,000. Given the prevailing weakness, the tactical preference remains Sell on Rise. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil exhibits a Bearish Sentiment pattern as supply expectations and broader macroeconomic conditions weigh on market sentiment. Immediate resistance stands at $79 – $83, while key support levels are seen between $75 – $71.

Overall View: The crude oil complex continues to favor short-side strategies on technical price rebounds toward resistance zones. Given the risk of abrupt price spikes from geopolitical developments, disciplined risk management and strict stop-loss rules are imperative.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking global trend, the active August contract maintains a firm bullish structure. Overhead technical resistance is positioned at ₹390.50 – ₹394.50, while strong underlying demand holds support between ₹386.50 – ₹383. Under this favorable technical arrangement, the primary strategy is Buy on Dips. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc reflects a Bullish Sentiment profile, driven by healthy demand fundamentals and favorable inventory trends. Technical resistance stands at $3,700 – $3,740, while key support levels are seen between $3,660 – $3,630.

Overall View: Zinc maintains a strong technical footing, providing favorable risk-reward setups for buyers during market consolidations and pullbacks. Traders should manage position sizing prudently to navigate elevated intraday volatility.

Commodities: Pivot Table

Disclaimer:

Investment in securities markets is subject to market risks. Please read all related documents carefully before investing. (Our SEBI Reg. No. INH000010335)

For Full Disclaimer: Click Here