COMMODITY MARKET (07 Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with positive bias and managed to sustain the upside momentum and reached the higher of $4304, but later traced down to the level of $4223.10. But later gold prices surged on Thursday morning to trade at the level of $4258. Upside was capped, as renewed tensions in the Strait of Hormuz pushed oil prices higher, reigniting concerns. Brent crude prices traded above the mark of $80, thus weighing on the gold and silver prices. Further, if gold prices managed to sustain above the mark of 4250, then it may again touch the level of $4300.

SILVER

COMEX silver prices managed to trade above the crucial resistance of $61, and are currently trading near the mark of $62.32, but prices are yet to breach last trading’s session high of $62.90. Upside in the white metal became capped, as middle east tension, has not yet seen any light of agreement, thus pushing oil prices yet again up at the level of $82. But if silver prices manage to sustain above 62.50, then $64 would be the next upside destination.

CRUDE

Amid renewed tensions in the Strait of Hormuz, Brent crude oil prices recently surged past the $80 threshold to around $82.23 per barrel, reflecting market anxiety over the stability of this vital shipping route. The friction between the proposed Iran-Oman agreement under which Tehran aims to ban U.S. and Israeli vessels from transiting the waterway and demand financial compensation from hostile nations before granting passage. As long as these geopolitical restrictions threaten to keep the Strait partially closed, the market remains volatile; crude oil prices could see temporary spikes toward $85, though a drop below the $80 mark would likely send them down to around $75.

Copper

Amid continuous fall in inventory along with supply disruption and rise in demand, is pushing copper prices higher.  MCX copper prices on Wednesday traded above the mark of  ₹1370, and settled the day at the level of ₹1376. Thus, If Copper prices sustains above the mark of ₹1380, can push the prices towards the mark of ₹1390. However, falling below 1350, would trigger weakness to the level of 1340.

Commodity Levels:

Evening Commodity Trading Guide 07^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract maintains a firm bullish trajectory, keeping its sentiment in line with COMEX. Overhead resistance has shifted higher to ₹1,52,000 – ₹1,54,200, while a strong underlying support zone is established between ₹1,50,000 – ₹1,48,200. Under this constructive chart pattern, the primary tactical recommendation remains Buy on Dips. For long-term portfolio allocation, long-term investors can consider buying in small amounts on every dip to steadily accumulate positions within core value regions.

COMEX Gold (Spot): Spot gold displays a strong Bullish Sentiment profile driven by continued safe-haven demand and macro tailwinds. Immediate technical resistance is positioned near $4,350 – $4,400, while baseline support levels are seen holding near $4,300 – $4,240.

Overall View: Gold remains in a clear upward trend. Tactical traders should continue focusing on buying orderly pullbacks toward baseline support levels rather than chasing vertical breakouts near overhead resistance limits.

Silver Technical Outlook

MCX Silver (Sept): Reflecting international strength, the active September contract continues its strong upward path, keeping sentiments in line with COMEX. Technical resistance stands higher at ₹2,35,000 – ₹2,38,800, while solid support is expected near ₹2,31,000 – ₹2,27,000. With upside momentum well-intact, the primary trading directive is Buy on Dips. Simultaneously, long-term investors can consider buying in small amounts on every dip to construct core long-term exposure.

COMEX Silver (Spot): Spot silver carries a high-conviction Bullish Sentiment structure. Key resistance levels have expanded upward to $65 – $67.50, while downside support buffers are likely established around $63 – $60.50.

Overall View: Silver continues to favor long-side setups on technical consolidations. Traders should wait for shallow corrective dips into technical support zones to structure risk-defined long positions.

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 chart posture. Relief rallies encounter supply overhead, placing resistance at ₹7,500 – ₹7,850. Structural support rests between ₹7,150 – ₹6,800. Given the ongoing price weakness, the tactical mandate 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 maintains a Bearish Sentiment structure as market focus remains on demand headwinds and inventory dynamics. Overhead resistance stands at $78 – $82, while key support levels are seen between $75 – $72.

Overall View: The crude oil complex favors shorting intraday bounces toward overhead supply zones. Given persistent headline risks and sudden geopolitical updates, keeping strict stop-loss protection remains essential.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking global trend, the active August contract is signaling a shift toward consolidation following an extended rally. Immediate technical resistance is positioned at ₹393.50 – ₹397.50, while support underpins the range between ₹388.50 – ₹385. Technical indicators suggest that weakness in prices may continue as it is in the overbought zone and is seeing profit booking after a positive trend. In addition, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc has transitioned into a Sideways Sentiment pattern, as recent strong gains face profit-taking near multi-month highs. Technical resistance stands at $3,750 – $3,800, while key support levels are seen holding between $3,700 – $3,760.

Overall View: Zinc is undergoing a healthy cool-off after reaching overbought territory. Traders should avoid aggressive long entries until the profit-booking phase stabilizes and price action re-tests established support bands.

Commodities: Pivot Table

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