COMMODITY MARKET (07th Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold futures on the COMEX continues to  trade with negative bias maintaining its near term support at the level of 4110, and is currently trading near the mark of $4139, down by 0.61% from previous close of $4163.60.  Persistant strength in the dollar index which continued to stay above the mark of 102 along with strengthening US 10 year bond yield at the mark of 5.31% and continued to put pressure on gold prices.Only supporting factor in yellow metal remained fading probability of rate hike  in the month October, kept prices supported. But, investors are awaiting Fed minutes for further cues on the US economy and labour market for direction in the bullion prices. But, if prices sustain above the mark of $4150, it will move the prices towards the mark of $4250, else the price drop towards the mark of $4100.

SILVER

COMEX silver continued to trade with negative bias and is seen down by almost1% in the wee hours if the trading session on Wednesday is hovering near the mark of $60.70. Upside in the silver prices remain capped amid elevated crude oil prices that remained above the mark of $100 along with strength in dollar index which continued to remain above the mark of 102 and US 10 year 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 fall in the probability of interest rate hike in October by to 20%.However, investors are waiting FEd minutes for detail on US labour market and economy and cues for further rate hike in the december, month , which is due to be released tonight. 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 rose to approximately $101 a barrel, amid ongoing geopolitical threats to Middle Eastern oil transit outweighed indications of growing regional output. Security concerns escalated following a surge in Iranian strikes against commercial vessels navigating the Strait of Hormuz. Concurrently, a Saudi-headed military alliance reported shooting down a Houthi-fired ballistic missile aimed at Khamis Mushait. Even with these mounting tensions, regional exports are beginning to rebound, aided by merchant ships quietly navigating the Strait of Hormuz despite elevated hazards and Saudi Arabia returning its East-West pipeline to a throughput of 5.8 million barrels daily. 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  maintain the level at ₹1407 and settle the day at ₹1413.45. Positive impact of fundamentals like increasing demand and  supply concerns kept the prices high.  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. From a technical perspective, if prices remained above ₹1,407, it may reach to ₹1,415-1430. But a fall under ₹1,400 might trigger a short-term pullback, falling below ₹1,385 support level.

Commodity Levels:

Evening Commodity Trading Guide 07^th Oct 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract continues to trade with an ongoing corrective bias, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,50,000 – ₹1,51,000, while the primary support zone lies between ₹1,48,500 – ₹1,47,500. Technical analysis indicates that weakness in prices can continue if they breach the support 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 to Bearish Sentiment profile as price action trades beneath immediate resistance barriers. Resistance is identified near $4,140 – $4,180, while key underlying support levels are seen near $4,090 – $4,030.

Overall View: Gold has transitioned into a sideways-to-bearish consolidation phase. A breakdown below key support zones could extend the corrective phase further. Tactical traders should exercise caution near support boundaries, while long-term strategic investors can continue phased, 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 sentiments in line with COMEX. Technical resistance stands at ₹2,26,000 – ₹2,28,600, with support expected near ₹2,23,500 – ₹2,20,500. Technical analysis suggests weakness in prices can continue if they breach the support zone. 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 $60.50 – $62, while key support is likely established around $59.50 – $58.

Overall View: Silver maintains a range-bound technical setup with a persistent bearish bias. Failure to hold critical lower support bounds could trigger additional selling pressure, warranting strict risk controls for short-term traders.

Crude Oil Technical Outlook

MCX Crude Oil (Oct): Trading in line with International NYMEX Spot prices, the October contract displays a potential stabilization structure. Technical resistance is positioned at ₹8,800 – ₹8,950, while immediate support rests between ₹8,650 – ₹8,500. Technical analysis suggests bounce is seen from lower levels if sustained, a positive move can continue after breaching the resistance 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 Sideways to Bullish Sentiment profile as upside momentum attempts to build above key moving averages. Resistance stands at $90.60 – $92, while key support levels are seen between $89.40 – $88.

Overall View: Crude oil shows signs of positive momentum resuming from lower levels. A sustained breach above overhead resistance zones could unlock further upside, though traders must maintain tight risk controls amid geopolitical headlines.

Aluminium Technical Outlook

MCX Aluminium (Oct): Directly tracking global trend, the active October contract experiences near-term consolidation within a broader range-bound structure. Technical resistance is positioned at ₹342 – ₹345, while key support underpins price action between ₹338 – ₹336. 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 $3,120 – $3,155, while key support levels are established between $3,090 – $3,055.

Overall View: Aluminium remains range-bound with a slight negative tilt overall. Although short-term rebounds off lower support zones are possible, overhead selling pressure is likely to cap gains near resistance zones unless a decisive breakout occurs.

Commodities: Pivot Table

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