COMMODITY MARKET (10th Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with positive to flat bias and managed to sustain the upside momentum and is trading near the level of $4340. Upside in the price remains supported amid weak US labour data, which saw job cuts to the extent of 23,000.But Investors are awaiting US inflation data due on 12th August, that can further reaffirm the direction for the gold prices. Profit booking from the higher level may push the prices lower towards the mark $4300-4280. But sustained trading above $4310, will keep the prices supported. Further Iran negotiation with Oman is at the final stage, while US-Iran is yet in their talk through intermediaries. Thus, updates on both the agreements would also give further direction to the bullion prices, with easing geopolitical tension and oil prices.

SILVER

COMEX silver prices managed to trade above the crucial resistance of $61, and are currently trading near the mark of $63.63, but prices are yet to breach last trading’s session high of $65.1484. Upside in the white metal remains supported amid weak US labor market numbers, further investors are awaiting US inflation number due on 12th August, for further direction on the interest rate decision, that will further give cue for the bullion price movement in the time to come. On the US-Iran war front, talks are going on through intermediaries, whereas Israel has rejected Trump’s plan for Gaza, that it will not withdraw military forces until Hamas fully disarms . On the positive note is the Iran-Oman talk, which is the final stage, and it will provide some  relief to the Strait of Hormuz, thus weighing on oil prices, but supporting silver. Thus, if silver price manages to break the level of $65, then the next upside destination would be $67-$72.

CRUDE

Crude oil prices traded with positive bias and are seen trading above the mark of $80, with gain of 2.23%. Though US-Oman is in the final stage of agreement, it has warned that agreement would not mean immediate reopening of Strait of Hormuz. Further Iran has rejected direct negotiation with US, talks only being conducted through intermediaries, citing breach of peace deal by US, is looming over smooth opening of Strait of Hormuz, thus pushing prices yet again on the higher side. Thus, if Brent crude breaches $85, it may again reach $87 -$90.

COPPER

Amid profit booking from higher levels have pushed copper prices lower towards the mark of ₹1365. But downside in copper prices are expected to remain limited amid fall in inventory along with supply disruption and rise in demand. Thus, If Copper prices sustains above the mark of ₹1360, can push the prices towards the mark of ₹1380. However, falling below 1360, would trigger weakness to the level of 1348.

Commodity Levels:

Evening Commodity Trading Guide 10^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The active domestic October contract maintains a well-supported bullish profile, keeping its sentiment in line with COMEX. Immediate technical resistance is established at ₹1,52,600 – ₹1,54,000, while firm baseline support rests between ₹1,51,500 – ₹1,50,000. Under this constructive chart configuration, the primary trading directive remains Buy on Dips. For strategic portfolio building, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions within value regions.

COMEX Gold (Spot): Spot gold displays a Bullish Sentiment structure as prices consolidate near upper technical boundaries. Immediate resistance is positioned near $4,360 – $4,400, while key support buffers are identified around $4,300 – $4,260.

Overall View: Gold remains firmly positioned in an upward trajectory. Tactical market participants should favor buying orderly pullbacks toward key support levels rather than chasing high-level breakouts near immediate resistance limits.

Silver Technical Outlook

MCX Silver (Sept): Reflecting global trends, the domestic September contract continues its constructive trend, keeping sentiments in line with COMEX. Overhead supply pressure is positioned at ₹2,35,000 – ₹2,38,800, while solid support is expected near ₹2,31,000 – ₹2,27,500. With upside momentum intact, the primary trading strategy 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 holds a Bullish Sentiment profile, benefiting from strong speculative and physical market participation. Resistance hurdles are placed at $64.50 – $65.50, while immediate support buffers hold firm near $63.30 – $62.

Overall View: Silver favors long-side setups during brief technical consolidations. Traders should wait for shallow corrective dips into established support bands to structure risk-defined long entries.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): The active August contract trades in line with International NYMEX Spot prices, showing early signs of a technical rebound after extended selling pressure. Immediate overhead resistance stands at ₹7,630 – ₹7,750, while key support is marked between ₹7,480 – ₹6,350. Technical setups suggest the contract may see an Upmove after sustaining above the resistance zone, as it was already in the oversold zone, so it is showing short covering for now. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil exhibits a Mixed Sentiment pattern as supply concerns balance against short-term technical covering. Technical resistance is positioned at $80.60 – $82.40, while key support levels are seen between $78.50 – $77.

Overall View: Crude oil is staging a short-covering bounce from oversold levels. Tactical traders should wait for a confirmed breakout and hold above the resistance zone before committing to continuation plays, keeping tight stop-loss parameters given headline risks.

Copper Technical Outlook

MCX Copper (Aug): Directly tracking the global trend, the active August contract demonstrates an improving technical structure. Overhead technical resistance is positioned at ₹1381 – ₹1388, while immediate demand underpins support at ₹1374 – ₹1365. Chart metrics indicate that prices may see an upmove after sustaining above the resistance zone. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

COMEX Copper (Spot): Spot copper carries a Bullish Sentiment profile, supported by industrial demand expectations and tight physical availability. Immediate resistance stands at $6.75 – $6.85, while key support levels are seen between $6.65 – $6.59.

Overall View: Copper presents a positive technical setup with potential for upside continuation once overhead resistance is decisively breached. Traders should monitor breakout confirmation above the resistance barrier while maintaining strict risk management.

Commodities: Pivot Table

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