Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with positive bias and are currently trading near the previous close of $4125.63, amid bargain buying at the lower level also plunge in crude oil prices. If the Fed takes a more dovish approach to interest rates, gold ​and silver are expected to move higher. However,  if it signals a need for further rate hikes, both metals will likely come under pressure. However on the technical front, if gold sustains itself above the mark of $4100, it is expected to reach further towards the level of $4150.

SILVER

COMEX silver prices are currently showing positive momentum, and traded near flat at the level of $60.55, against Wednesday’s close of $59.954. As per the recent reports it is expected that the US-Iran will continue peace talks despite a recent escalation in hostilities that disrupted energy flows through the Strait of Hormuz and renewed concerns over inflation. Further markets awaits Fed stance on the interest rate, that is highly uncertain, which will further give direction to silver prices.

CRUDE

Brent Crude prices are trading above the mark of $75 at the level of $76.44. The surge in prices is attributed to escalation of Middle East tension and the Strait of Hormuz yet again. However, prices are seen taking a steady approach, as US and Iran will continue peace negotiations despite a recent escalation in hostilities. Investors will closely monitor the Shipping traffic through Hormuz that slowed sharply this week. The strategic waterway continues to be a key point in ongoing US-Iran negotiations.

Copper

MCX copper prices are seen trading near above the level o fRs1290, amid fall in probability of hike in interest rate along with the report of US-Iran to continue their peace talk.  Thus if prices manage to sustain above Rs1290, it may further reach the level of ₹1300-1310.

Commodity Levels:

Evening Commodity Trading Guide 10^thJul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract maintains a heavy technical posture, keeping its short-term sentiments in line with COMEX. The asset is experiencing steady overhead distribution, locking in local immediate resistance at ₹1,45,500 – ₹1,46,600. On the lower boundary, the primary floor lines up between ₹1,44,000 – ₹1,43,000. Dynamic chart setups indicate that weakness in prices may continue after breaching the support zone, but stay cautious against over-leveraging into late-stage downward extensions.

COMEX Gold (Spot): Spot gold continues to negotiate a clear Sideways to BearSentiment path as short-term liquidity drifts away from safe havens amid shifting macroeconomic timelines. This ongoing consolidation structures the immediate technical resistance near $4,135 – $4,180. Downside vulnerabilities remain visible, with key support levels seen near $4,080 – $4,030.

Overall View: With local price action showing signs of near-term exhaustion, forcing aggressive long plays without a confirmed base remains risky. Traders should focus on executing tight risk-defined positions near the outer limits of the current range rather than trading inside the choppy middle zones. For macro allocators, this structural pullback lowers structural risk over a longer time horizon; long-term investors can consider buying in small amounts on every dip inside the deeper demand layers to optimize long-term entry pricing.

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues to exhibit a defensive chart layout, keeping near-term sentiments in line with COMEX. Counter-trend recovery attempts are hitting notable supply walls, pinning major technical resistance at ₹2,25,000 – ₹2,29,000. On the lower end, vital support is expected near ₹2,21,500 – ₹2,17,000. Chart setups highlight that weakness in prices may continue after breaching the support zone, but stay cautious since silver remains highly prone to sharp, sudden short-covering bounces.

COMEX Silver (Spot): Spot silver is carrying a Sideways Sentiment profile as industrial demand forecasts flatten out alongside cooling speculative interest. The white metal faces immediate overhead friction, leaving resistance levels placed at $60.20 – $62. On the flip side, potential stabilizing zones are likely around the major support baselines near $59 – $57.

Overall View: The silver complex remains under short-term pressure within a descending technical boundary, making extreme patience and precise level selection critical. Momentum players should prioritize waiting for sustained breaks before chasing major directional extensions. For long-term portfolios, these structural adjustments serve to flush out weaker speculative length; long-term investors can consider buying in small amounts on every dip down into core value zones to scale up exposure steadily.

Crude Oil Technical Outlook

MCX Crude Oil (Jul): The domestic July contract continues to match global spot markers, moving cleanly in line with International NYMEX Spot prices. Immediate price action shows steady underlying support, placing technical resistance at the ₹6,950 – ₹7,150 band. On the downside, the commodity has carved out dependable floors, with key structural support located at ₹6,800 – ₹6,650. Given the constructive technical stance, the default tactical blueprint is to Buy on Dips near these structural lines.

NYMEX Crude Oil (Spot): Spot Crude Oil continues to trend with a positive Sideways to Bullish Sentiment profile, supported by tight global physical inventories and localized supply risks. Upside expansion faces a minor technical barrier, with resistance standing at $72.50 – $74. On the lower boundary, pullbacks are being quickly caught by structural buyers, keeping key support levels seen between $71.80 – $70.

Overall View: The broader crude complex remains structurally biased toward the upside, making mild pullbacks high-probability windows for value entry. However, because headline risks can trigger sharp, erratic corrections, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Focus on taking high-probability setups at confirmed support markers, take partial profits at regular intervals, and keep trailing risk parameters tight to insulate capital.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking the global trend, the domestic July contract continues to showcase an exceptionally constructive baseline structure. Near-term price advances are meeting seller clusters near the immediate overhead resistance band at ₹376 – ₹381, while strong underlying demand forces wait to absorb minor soft patches at the support floor of ₹372 – ₹367. Given this supportive layout, the primary tactical game plan is to continue to Buy on dips near these key value levels.

COMEX Zinc (Spot): COMEX Zinc continues to stabilize within a well-defined Sideways Sentiment pattern, pausing below major multi-week milestones to build fresh energy. Overhead technical resistance stands at $3,620 – $3,660, serving as the next major hurdle for breakout buyers. Meanwhile, downside exposure remains neatly insulated, with key support levels seen between $3,580 – $3,540 keeping the structural floor intact.

Overall View: The industrial metal is moving through a healthy foundational phase, making strategic accumulation near primary support zones a high-probability playbook. Nonetheless, because industrial commodities are highly sensitive to sudden global supply shifts and wider macro data prints, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Keep position sizing conservative, execute strictly near core boundaries, and rely on disciplined stop-loss management to navigate sudden shifts in market momentum.

Commodities: Pivot Table

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