COMMODITY MARKET (06th Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold futures on the COMEX is trading with negative bias but continues to respect its near term support at the level of 4110, and is currently trading near the mark of $4135. Strength in the dollar index continued to stay above the mark of 102 along with strengthening US 10 year bond yield above the mark of 5% and continued to put pressure on yellow metal.Only supporting factor in yellow metal remained fading probability of rate hike  in the month October, kept prices supported. Thus, if prices remain above the mark of $4150, would keep the price elevated to the mark of $4250, else the price may fall towards the mark of $4100.

SILVER

COMEX silver contracts are advancing, and are approximately gained 0.08% to trade around $61.08. Upside prices remain capped amid rising crude oil prices that remained above the mark of $100 along with the mark of dollar index reaching above the mark of 102 and bond yield trading almost near time high of 5.349%. The only reason that is keeping white metal above its key support level of $60, is the decreasing probability of  interest rate hike in October by to 20%. Thus, from a technical perspective, only prices held above the $61 threshold could clear a path for the metal to test $65 in the coming sessions, but fall below the mark of $62 could trigger a fall to the mark of $58.

CRUDE

Brent crude settled near $99.18 per barrel after slipping 0.07%, pressured by profit-taking following recent peaks and easing geopolitical stress across the Middle East. Supply dynamics continue to normalize, with crude exports climbing to 17.5 million barrels per day, roughly 98% of pre-conflict volumes, while refined fuel shipments like gasoline and diesel reached 3 million barrels daily, about 58% of their earlier pace. Despite lingering maritime hazards, Gulf exporters are channeling higher volumes via the Strait of Hormuz, with Iraq actively chartering more tankers to move oil along the corridor. Kuwait confirmed its output has climbed back to nearly three-quarters of pre-hostility levels. Reinforcing signs of an easing supply crunch, Saudi Arabia lowered the official selling price of its benchmark crude for Asian customers. However, Brent crude would only turn weak after a fall in prices below the mark of $95, but sustained trading above $100, could propel prices for upside in the prices towards the mark of $105.

Copper

Copper futures managed to  breach the key level of  mark of ₹1407 and to settle the day at ₹1410.50. Supportive Fundamentals like increasing demand and  supply concerns, as per the latest report production in Chile fell by 12.8% on Year on Year basis in August and has reached the lowest level since 2011, is expected to keep the prices elevated. From a technical perspective, if prices maintained the levels above ₹1,407, the pathway opened for a retest of ₹1,415-1430. But a fall under ₹1,400 might trigger a short-term pullback, falling into the ₹1,385 support level.

Evening Commodity Trading Guide 06^th Oct 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 ₹1,51,000 – ₹1,52,000, while the primary support zone lies between ₹1,49,000 – ₹1,48,000. Technical analysis indicates that bounce is seen from lower levels, it may continue showing positive momentum if it breaches the resistance zone. 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 Sentiment profile as price action trades beneath immediate resistance barriers. Resistance is identified near $4,200 – $4,250, while key underlying support levels are seen near $4,125 – $4,080.

Overall View: Gold has transitioned into a sideways consolidation phase following a rebound from lower support zones. Tactical traders should watch for a decisive momentum breakout above overhead resistance boundaries, while strategic investors can continue phased, dollar-cost averaging on price dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face downside pressure near key structural thresholds, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,28,000 – ₹2,31,500, with support expected near ₹2,25,000 – ₹2,22,000. Technical analysis suggests trading in range; a bounce is seen from lower level if sustained above the resistance zone, a more positive move can come but be causious. 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 Sideways to Bearish Sentiment setup. Overhead resistance levels are placed at $62 – $63.50, while key support buffers are likely established around $60.30 – $59.

Overall View: Silver presents a range-bound technical layout with an underlying bearish bias. Selling interest is expected near upper resistance limits, but a sustained breakout above overhead resistance could trigger temporary positive momentum, warranting cautious positioning.

Crude Oil Technical Outlook

MCX Crude Oil (Oct): Trading in line with International NYMEX Spot prices, the October contract displays range-bound consolidation with restricted upside momentum. Technical resistance is positioned at ₹8,600 – ₹8,800, while immediate support rests between ₹8,300 – ₹8,100. Technical analysis suggests selling is seen from higher levels, and weakness may continue if it breaches the support zone, but stay cautious. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Sideways to Bearish Sentiment profile as upside momentum attempts to stabilize above key moving averages. Resistance stands at $89 – $91.50, while key support levels are seen between $86 – $83.50.

Overall View: Crude oil faces persistent overhead selling pressure near resistance limits. A breakdown below key support boundaries could extend downside weakness, requiring traders to maintain strict risk parameters due to persistent geopolitical headline risks.

Aluminium Technical Outlook

MCX Aluminium (Oct): Directly tracking global trend, the active October contract experiences minor near-term consolidation within a broader range-bound structure. Technical resistance is positioned at ₹344 – ₹348, while key support underpins price action between ₹338 – ₹334. Technical analysis indicates bounce is seen from lower levels and can show positivity if sustained above the resistance zone, but overall with a bit of negative bias, so selling pressure may arise from Higher zones. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Aluminium (Spot): LME Aluminium holds a Sideways Sentiment profile as price action consolidates between well-defined parameters. Overhead resistance stands between $3,170 – $3,200, while key support levels are established between $3,120 – $3,090.

Overall View: Aluminium maintains a sideways structure with an underlying negative tilt. Although short-term bounces from lower support levels remain possible, overhead selling pressure is expected to re-emerge at higher price zones unless resistance limits are convincingly cleared.

Commodities: Pivot Table

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