COMMODITY MARKET (07th Sept 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold extended its fall for the second consecutive trading session and is currently seen trading down by 0,5% at the level of 4405.The fall in the gold has been attributed to the robust payroll data that has increased the chances of rate hike in the upcoming meeting due in next week. Non-farm payroll showed addition of 162K jobs much higher than the market expectation of 55K and previous month’s number of 21K, while unemployment data retained steady at the level of 4.1%.investors are not pricing the rate hike at 58.4%. If gold falls below the mark of 4380, then technically it will become weak for the next downside destination of 43320.

SILVER

COMEX silver prices traded near the mark of $65 down by 0.40% from previous close amid robust payroll data released on friday along with higher probability of rate hike, which is priced in at 58.2%, for the upcoming meeting on 15-16 SeptemberAs per the data released, US nonfarm payrolls rose by 162,000 in August, along with upwardly revised increase of 23,000 in previous month i.e, July and well above market expectations for a gain of 56K. Thus, if silver prices fall below $65, we may see it reaching for the downside destination of $62.

CRUDE

Brent prices are trading near the level of  $95, due to Middle East tension, with both countries US-Iran making strikes against each other in the previous week that has brought in the concern about the prolonged energy supply disruption crisis. The US over the weekend has targeted 3 Iranian  oil tankers, for ballistic missile attacks on US Navy warships, in retaliation Tehran has said that a new restricted zone would be established outside the Strait of Hormuz. If Brent crude reach above the mark of $95,we may see the level of $98, sooner, however decline would take prices towards $91.

Copper

MCX copper priced above the level of 1375 and close the session at 1378. Copper prices will increasing due to high demand supply disruption. Thus, If Copper prices continue to trade above the mark of ₹1375, can reach the prices towards the mark of ₹1390-1400. However, falling below the level of 1370, would raise weakness to the level of 1360.

Commodity Levels:

Evening Commodity Trading Guide 07^th Sept 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract reflects ongoing consolidation, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,53,200 – ₹1,55,000, while the key support zone lies between ₹1,51,500 – ₹1,50,000. Technical indicators suggest profit booking is seen from a higher level and maybe it can continue so be cautious. For long-term portfolio building, long-term investors can consider buying in small amounts on every dip to accumulate value positions over time.

COMEX Gold (Spot): Spot gold displays a Mixed Sentiment profile as upside momentum faces capping near overhead technical barriers. Immediate resistance is identified near $4,425 – $4,500, while primary support levels are seen near $4,360 – $4,280.

Overall View: Gold continues to process profit taking from elevated levels. Short-term traders should exercise caution near resistance, while long-term investors can utilize price dips toward lower support boundaries for strategic accumulation.

Silver Technical Outlook

MCX Silver (Dec): Tracking international benchmark price action, the active December contract faces downside pressure near peak levels, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,39,000 – ₹2,42,500, with primary support expected near ₹2,35,500 – ₹2,32,000. Chart setups indicate profit booking is seen from a higher level and maybe it can continue so be 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 exhibits a Mixed Sentiment structure. Overhead resistance levels are placed at $66 – $67.50, while key underlying support buffers are likely established around $65 – $63.50.

Overall View: Silver undergoes a cooling period marked by top-side profit booking. Monitor primary support zones closely for potential stabilization before re-engaging tactical long setups.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the contract displays strong buying interest as upside expansion continues. Technical resistance is positioned at ₹8,800 – ₹9,000, while immediate support rests between ₹8,620 – ₹8,400. Technical setups indicate the contract may see an upmove 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 carries a Bullish Sentiment profile driven by constructive supply-side risk premiums. Overhead resistance stands at $93 – $95, while key floor support levels are seen between $91.50 – $89.50.

Overall View: Crude oil maintains an aggressive bullish posture. A sustained breakout above immediate resistance bands can unleash further momentum, though tight risk management remains mandatory due to potential geopolitical headlines.

Zinc Technical Outlook

MCX Zinc (Sept): Directly tracking global trend, the active September contract continues its strong upward momentum. Technical resistance is positioned at ₹420 – ₹423, while primary support underpins price action between ₹416.50 – ₹414. Under this firm trend structure, the core tactical stance 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 Bullish Sentiment profile, supported by steady industrial demand fundamentals. Overhead resistance stands between $3,975 – $4,010, while key support levels are seen between $3,930 – $3,900.

Overall View: Zinc retains its robust bullish technical framework. Corrective pullbacks toward immediate support zones continue to offer favorable risk-reward entry opportunities for trend-following traders.

Commodities: Pivot Table

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