GOLD

COMEX gold prices continue to trade within a range of $4480-$4600. At the wee hours of the Friday’s session, gold prices continued to plunge and are currently seen down by 0.50%. Prices are not showing any clear indication amid mixed sentiment in the market, with continuous strength in the dollar index and increasing US-10-year bond yield keeping gold prices on check, but prices on the other side are trying to reach for upside amid ongoing possibility of Middle East tension getting over. However, gold prices will only see upside when gold breaches the upside destination of $4550.

SILVER

COMEX silver prices continue to trade within a defined range, currently hovering around $76 with a strong probability of pushing upward toward the $82 mark. Despite this bullish potential, the precious metal remains largely unchanged as investors exercise caution amid conflicting signals from US-Iran diplomatic negotiations. These geopolitical uncertainties have kept the market on edge regarding inflation risks and the future path of interest rates. Meanwhile, a sense of cautious optimism lingers as Tehran recently noted that the latest proposal from the United States has partially narrowed the diplomatic gap between the two nations.

ENERGY

WTI crude oil prices dropped below the $100 threshold for the first time in three days, extending a downward slide into a third consecutive session. This sell-off was triggered by reports that Iran’s Supreme Leader ordered the country’s enriched uranium stockpiles to stay within its borders—a move that severely stalls active peace talks since dismantling the nuclear program is a core American demand. Further stoking geopolitical tensions and market uncertainty, Tehran is also reportedly collaborating with Oman to design a permanent toll network that would officially codify Iranian control over shipping traffic through the highly strategic Strait of Hormuz.

BASE METAL

MCX copper continued to traded flat and is still above the mark of crucial support $1330 and is seen at the mark of Rs1345, amid expectations of resolution on the US-Iran war along with ongoing supportive fundamentals. Thus, if prices sustain above Rs1350, Rs1380 would be the first upside destination. Further fuel in AI stocks also pushed copper prices up.

COMMODITY UPDATE:

GOLD(Jun): Support 157930 Resistance 160830
SILVER(Jul): Support 270589 Resistance 279794
CRUDEOIL(Jun): Support 8788 Resistance 9765
NATURALGAS(Jun): Support 297.8 Resistance 308.6

Evening Commodity Trading Guide 22nd May 2026 

Gold Technical Outlook

MCX Gold (Jun): The domestic June contract continues to navigate a defined consolidation range, keeping its short-term sentiments in line with COMEX. The technical boundary is firmly set, with overhead resistance positioned at ₹1,59,800 – ₹1,61,000. On the lower end, the crucial demand floor is located between the support zone of ₹1,58,500 – ₹1,57,500. Traders should practice strict discipline around these ranges, as weakness in prices may continue after breaching support zones, potentially opening the door for an acceleration in short-term selling.

COMEX Gold (Spot): Spot gold is locked in a Mixed Sentiment profile as market participants weigh competing macroeconomic data against localized physical demand. This range-bound behavior leaves immediate technical resistance established near $4,550 – $4,600. Downside risks appear well-insulated for the moment, with key support levels holding reliably near $4,500 – $4,450.

Overall View: Because the yellow metal is currently lacking an aggressive directional trigger, avoiding chasing overextended positions in the middle of the value band remains the most prudent path. Short-term momentum players should focus on clear risk-defined parameters near range extremes. For strategic portfolio builders, this non-linear phase represents a constructive accumulation window; long-term investors can consider buying in small amounts on every dip inside the core support bands to balance out their entry costs effectively.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract has dropped back into an established consolidation channel, keeping near-term sentiments in line with COMEX. Immediate relief rallies are facing a well-defined wall of sellers, leaving technical resistance standing at ₹2,75,000 – ₹2,80,000. On the flip side, dynamic downside safety nets are expected near the support zone of ₹2,70,000 – ₹2,66,000. Caution is highly warranted near these baselines, as a clean breakdown could trigger trailing stops, meaning weakness in prices may continue after breaching support zones.

COMEX Silver (Spot): Spot silver has drifted into a Mixed Sentiment profile as market participants balance industrial demand expectations against near-term macro headwinds. The white metal is encountering prominent overhead friction, with resistance levels placed at $76.50 – $78.20 acting as a near-term cap. Meanwhile, localized buying interest continues to defend the structural floors, keeping major supports likely around $75.20 – $73.80.

Overall View: The silver market is currently content rotating within an established technical range, meaning patience and strict boundary discipline will yield the best risk-to-reward ratio. Shorter-term traders should protect trading capital by avoiding over-leveraged positions during intraday swings. On a macro level, this corrective phase offers a healthy entry window; long-term investors can consider buying in small amounts on every dip within the major demand pockets to steadily accumulate quality exposure.

Crude Oil Technical Outlook

MCX Crude Oil (Jun): The domestic June contract continues to mirror global parameters, moving in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹9,500 – ₹9,750. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹9,250 – ₹9,000. Momentum studies show that weakness in prices may continue after breaching the support zone, warning bulls against premature bottom-fishing.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has shifted into a defined Sideways Sentiment band as immediate supply anxieties balance out against shifting macroeconomic demand metrics. Intraday advances run into a well-entrenched block of resistance standing at $98.50 – $100.20. Conversely, downside exposure remains neatly insulated for now, with key support levels seen holding between $96 – $94.

Overall View: The energy complex is currently trapped in a tight, range-bound pattern, suggesting a wait-and-watch approach until a clear breakout occurs. Because heightened volatility persists amid ongoing geopolitical tensions, sudden turns in sentiment can quickly alter near-term trends. Traders should remain extra cautious, focus primarily on intraday boundary plays, and rely on robust risk management rules to protect trading capital.

Aluminium Technical Outlook

MCX Aluminium (May): Directly tracking the global trend, the domestic May contract showcases an exceptionally constructive chart profile. Short-term sellers are actively grouping near the immediate overhead resistance band at ₹388.50 – ₹391, while long-term demand forces are waiting to absorb price soft patches at the support floor of ₹385 – ₹382. Technical patterns indicate that the metal may see an upmove after sustaining above the resistance zone, signaling a clean validation of its broader structural trend.

LME Aluminium (Spot): LME Aluminium continues to hum with a strong Bullish Sentiment, driven by steady warehouse drawdowns and structural green-energy infrastructure demand. The industrial metal is confidently grinding toward its upper milestones, facing immediate technical resistance standing at $3,650 – $3,670. Meanwhile, any brief profit-taking episodes are being swiftly bought into, keeping key support levels firmly established between $3,630 – $3,610.

Overall View: With the broader macro and micro elements lining up in favor of the bulls, accumulating long exposure on mild price pullbacks or breakout confirmations remains the dominant, high-probability strategy. However, because industrial commodities are highly sensitive to sudden logistics or macro shocks, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Lock in partial profits at regular intervals and ensure trailing stops are used effectively to shield capital against unexpected intraday reversals.

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