COMMODITY MARKET (13th July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with negative bias for the second consecutive trading session and is currently hovering at the level of $4071, amid renewed tension between US-Iran, pushing crude oil prices higher , bringing back the inflationary pressure back in the market. Further confusion over Strait of Hormuz, is also weighing heavily on gold prices, with the US declining Iran’s statement of water ways to remain closed until further notice. However, on the technical front, if gold prices manage to sustain above the key level of $4021, then prices can remain strong and may head towards $4100. Only fall below #4020, would make gold prices weaker.

SILVER

COMEX silver prices continued to slide and are trading at the level of $58.22, amid middle east tension with Iran striking the military base of US at the middle east countries including, Kuwait, Bahrain. Further strength in crude oil prices amid renewed tension in Strait of Hormuz also weighed on silver prices. Thus falling below $55 in the silver prices can make the prices weaker towards the level of $ 52. But if prices sustains above %55, then it may again reach $60.

CRUDE

Driven by escalating Middle East conflicts near the critical Strait of Hormuz, Brent Crude prices surged 3.82% today to reach $78.85 per barrel. This sudden spike follows the United States launching its fourth retaliatory military strike in a single week against Iranian targets, which came in response to Iran attacking a Cyprus-flagged container ship. The rapid escalation has severely damaged prospects for diplomatic talks, as Tehran insists that Washington must honor prior commitments regarding both safe transit through the Strait and the normalization of Iranian oil exports before any negotiations can resume. Consequently, if tensions between the US and Iran fail to ease quickly, crude oil prices are expected to continue their upward trajectory and break past the $80 threshold.

Copper

MCX copper prices are seen trading near above the level of Rs1290, closing the day at Rs1293, amid fall in probability of hike in interest rate along with the report of US-Iran to continue their peace talk.  However, with renewed tension between US-Iran, may put pressure on copper prices, and fall below Rs1290, can take the prices towards the level of Rs1280.

Commodity Levels:

Evening Commodity Trading Guide 13^thJul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract maintains a defensive technical posture, keeping its short-term sentiments in line with COMEX. The asset is experiencing steady overhead distribution, locking in local immediate resistance at ₹1,43,000 – ₹1,44,000. On the lower boundary, the primary floor lines up between ₹1,41,500 – ₹1,40,400. 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 Bearish Sentiment path as short-term liquidity drifts away from safe havens amid shifting macroeconomic timelines. This ongoing consolidation structures the immediate technical resistance near $4,080 – $4,120. Downside vulnerabilities remain visible, with key support levels seen near $4,040 – $4,000.

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 ₹2,22,000 – ₹2,25,000. On the lower end, vital support is expected near ₹2,19,000 – ₹2,16,500. 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 to Bearish Sentiment profile as industrial demand forecasts flatten out alongside cooling speculative interest. The white metal faces immediate overhead friction, leaving resistance levels placed at $59 – $60.50. On the flip side, potential stabilizing zones are likely around the major support baselines near $58.20 – $56.80.

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 ₹7,150 – ₹7,300 band. On the downside, the commodity has carved out dependable floors, with key structural support located at ₹7,000 – ₹6,850. 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 Bullish Sentiment profile, supported by tight global physical inventories and localized supply risks. Upside expansion faces an immediate technical barrier, with resistance standing at $74.60 – $76. On the lower boundary, pullbacks are being quickly caught by structural buyers, keeping key support levels seen between $73.20 – $71.80.

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 – ₹379.50, while strong underlying demand forces wait to absorb minor soft patches at the support floor of ₹373.50 – ₹370. 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 $3,580 – $3,620, serving as the next major hurdle for breakout buyers. Meanwhile, downside exposure remains neatly insulated, with key support levels seen between $3,550 – $3,520 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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