COMMODITY MARKET (13th July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with positive momentum for the fourth consecutive trading session and is sustaining above the mark of $4400, and is currently trading at the mark of $4409.This upside in the gold prices are attributed to tame US inflation data, that has further re affirmed the interest to be kept at status quo As per the latest data released, US consumer inflation slowed for a second consecutive month to 3.4% in July, while rising just 0.1% from the month of June. Chances of rate hike by 25 bps has reduced to 40% from previous 50%, thus supporting bullion prices. Also investors now await PPI data, due to be released later in the evening.

SILVER

COMEX silver prices managed to trade above the crucial resistance of $65, and are currently trading near the mark of $65.47. Upside in the white metal is attributed to slowing US inflation for the second consecutive month to 3.$ in July, which has reduced the chance of a 25 bps rate hike to 40% from earlier 50% as per the FED watch tool. Also, the fall in crude oil prices gave further support to the silver prices. Thus, if Silver price manages to sustain above the mark of$65, the second upside destination would be $67 for the COMEX. IN MCX , if prices manage to breach the mark of 237,000 and sustains above the same 242,000 would be the next possible target for silver in near term.

CRUDE

Crude oil prices traded with negative bias for the second consecutive trading session and is trading near the mark of $86.However downside in the oil prices remain limited amid no concrete agreement between US-IRan, and confusion in the ket kept the prices elevated. With both countries the US and Iran not ready to bow down along with  increasingly confrontational rhetoric  raised concern about deadlock between the agreement on re-opening the Strait of Hormuz. If crude oil prices continue to trade above the mark of $85, then it may reach $90, if no agreement is reached between US-Iran at the earliest possible.

Copper

MCX copper lost 0.29% on Wednesday  slipped below the mark of 1380, to settle the day at 1375, despite fall in inventory along with supply disruption and rise in demand.The weakness in copper is witnessed amid profit booking at higher level, as trend continues to remain positive. Thus, If Copper prices sustains above the mark of ₹1360, can push the prices towards the mark of ₹1370. However, falling below 1360, would trigger weakness to the level of 1348.

Commodity Levels:

Evening Commodity Trading Guide 13^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The active October contract continues to trade with a steady structure, maintaining its sentiment in line with COMEX. Immediate overhead resistance is positioned at ₹1,55,000 – ₹1,56,600, while the key support zone lies between ₹1,53,400 – ₹1,52,000. Given the ongoing constructive setup, the primary tactical approach remains Buy on Dips. For strategic portfolio building, long-term investors can consider buying in small amounts on every dip to steadily accumulate positions inside core value areas.

COMEX Gold (Spot): Spot gold displays a Sideways Sentiment profile as prices trade within a well-defined range. Technical resistance is marked near $4,420 – $4,480, while major downside support levels are established near $4,360 – $4,310.

Overall View: Gold is holding inside a neutral-to-bullish consolidation range. Tactical traders should look for accumulation opportunities near lower support bands rather than chasing breakouts near upper resistance limits.

Silver Technical Outlook

MCX Silver (Sept): Tracking international trends, the domestic September contract is holding a stable chart profile, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,37,500 – ₹2,40,600, with key support expected near ₹2,34,000 – ₹2,30,800. With the overall structure remaining supportive, the tactical recommendation is Buy on Dips. Simultaneously, long-term investors can consider buying in small amounts on every dip to construct long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a Sideways Sentiment pattern. Overhead resistance levels are placed at $65.50 – $67, while support buffers are likely established around $64.20 – $63.

Overall View: Silver continues to consolidate within horizontal parameters. Market participants should utilize pullbacks toward baseline support levels to structure risk-defined long setups.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): Trading in line with International NYMEX Spot prices, the active August contract is testing crucial floor levels. Overhead technical resistance is positioned at ₹7,850 – ₹8,000, while support rests between ₹7,700 – ₹7,500. Key technical metrics note that $80 in NYMEX is very crucial. Until it breaks down, we can expect a bounce from Lower Levels. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil carries a Sideways Sentiment profile. Overhead resistance stands at $82 – $83.20, while key underlying support levels are seen between $81 – $80.

Overall View: Crude oil is poised near a critical technical pivot at the $80 mark. Long positions can be considered on bounces off lower support zones as long as $80 holds, though headline-driven volatility warrants strict stop-loss protection.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking global trend, the active August contract shows solid underlying strength despite minor upper consolidation. Overhead resistance is positioned at ₹394 – ₹398, while support holds firm between ₹390 – ₹385. Market metrics indicate a bounce from Lower Support Levels can be Expected as we are seeing some consolidation at higher levels so overall bullish and treat dips as an opportunity. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc maintains a high-conviction Bullish Sentiment profile. Resistance stands at $3,750 – $3,780, while key support levels are seen holding between $3,700 – $3,680.

Overall View: Zinc retains a firm bullish posture. Technical dips toward immediate support zones present favorable risk-reward entry points for continuation trades.

Commodities: Pivot Table

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