COMMODITY MARKET (14th July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with negative bias for the third trading session, with prices  trading near the mark of $4006.388 dollar amid intensifying middle east tension. Further President Trump reinstated blockade on Iranian vessels transiting through Strait of Hormuz, further he also sought for reimbursement from other countries benefiting from US efforts to secure the shipping route. This has led to rise in oil prices bringing back the inflationary pressure in the market, making the probability for interest hike at 51% in the September.

SILVER

COMEX silver prices continued to trade with negative bias with silver trading near the level of $57 amid rising tension between US-Iran, with Trump blocking the Strait of Hormuz for Iranian vessels and asking for reimbursement from other countries using the passage. This move of Trump has pushed the Brent crude prices towards the level of $84, bringing the inflationary concern back in the market thus increasing the possibility of rate hikes. Thus, if prices fall below the mark of $55, we may see silver falling towards $52.

CRUDE

Amid escalating Middle East conflicts near the critical Strait of Hormuz, Brent Crude prices surged above $80 today to reach $84.91 per barrel. This spike in prices is amid the US launching another wave of strikes against Iran, thus intensifying concerns over supply disruptions in the Middle East. Further Trump blocking the Iranian vessels transiting through Strait of Hormuz and asking from reimbursement from other countries using the passage has led to concern over supply disruption yet again thus pushing the prices above the mark of %80. However, OPEC amid ongoing tension has lowered Global oil demand for 2026 to 800,000 barrels per day.

Copper

MCX copper prices are seen trading near above the level of Rs1290, closing the day at Rs1296, 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 14^thJul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract maintains a neutral technical posture, keeping its short-term sentiments in line with COMEX. The asset is experiencing steady overhead distribution, locking in local immediate resistance at ₹1,42,000 – ₹1,43,000. On the lower boundary, the primary floor lines up between ₹1,40,500 – ₹1,39,400. 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 Sentiment path as short-term liquidity balances out across major macro components. This ongoing consolidation structures the immediate technical resistance near $4,050 – $4,100. Downside vulnerabilities remain visible, with key support levels seen near $4,000 – $3,960.

Overall View: With local price action showing signs of near-term consolidation, forcing aggressive directional plays without a confirmed breakout 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 – ₹2,16,300. 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 steadying speculative interest. The white metal faces immediate overhead friction, leaving resistance levels placed at $58.50 – $59.50. On the flip side, potential stabilizing zones are likely around the major support baselines near $57.70 – $56.50.

Overall View: The silver complex remains under short-term compression within a range-bound 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 strong underlying support, placing technical resistance at the ₹7,800 – ₹8,000 band. On the downside, the commodity has carved out dependable floors, with key structural support located at ₹7,550 – ₹7,300. 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 $81 – $83.30. On the lower boundary, pullbacks are being quickly caught by structural buyers, keeping key support levels seen between $78.60 – $76.

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 ₹378.50 – ₹381, while strong underlying demand forces wait to absorb minor soft patches at the support floor of ₹375 – ₹372. 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 to Bullish Sentiment pattern, pausing below major multi-week milestones to build fresh energy. Overhead technical resistance stands at $3,600 – $3,640, serving as the next major hurdle for breakout buyers. Meanwhile, downside exposure remains neatly insulated, with key support levels seen between $3,560 – $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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