COMMODITY MARKET (14th Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold futures on the COMEX traded with flat to positive bias, after a sluggish trading sentiment witnessed on Tuesday. Prices have again fallen below the mark of $4200, but managing to sustain the $4150 mark and is currently seen trading near the mark of $4167, with a gain of 0.16% on daily basis. Investors are waiting for crucial economic numbers i.e, US inflation number that is due to be released today, for further cues on the interest scenario, which now stands at 77% probability of FED keeping interest rate unchanged, that will provide support to the old prices. However, on the technical front if gold manages to breach $4200, then its next 4210/4230, then it would be poised to reach for its target of $4250/$4280. But falling below the mark of $4150, could trigger weakness to the level of $4100.

SILVER

COMEX silver prices have once again fallen below the mark of $60, and is currently trading at $59.28 with gain of mere 0.18%, at the wee hours of Wednesday’s trading session. US is due to release its inflation number that will further provide cues on the interest scenario, as the FEd is due to take decision on interest on 28-29 october. Thus, Silver prices continue to be under pressure, as there is still one rate hike due for the current year. But downside remains limited amid no possibility of any further rate hike in 2027, is keeping bullion prices elevated. On the technical front, if prices that manage to have daily closing above the mark of $61 threshold could clear a path for the metal to test $63/$65 in the coming sessions, but fall below the mark of $50 could trigger a fall to the mark of $56/$54.

CRUDE

Brent crude climbed past $104 per barrel amid growing upward momentum, fueled by heightened fears of regional supply bottlenecks as clashes between Saudi Arabia and Iranian-supported Houthi forces flared. The latest rally followed a missile strike on Tuesday by Yemen’s Houthi group against Saudi Aramco’s facility in Dhahran, which ignited a blaze on-site. This assault closely succeeded a weekend drone-and-missile bid targeting Riyadh’s international airport, alongside renewed Saudi-led coalition operations aimed at reclaiming rebel-held regions in Yemen. Adding to maritime anxieties, Iran has stepped up harassment of commercial tankers in the Strait of Hormuz, even as American forces reported escorting over 19 million barrels of oil safely through the critical transit corridor. Thus, Brent crude would only turn weak after a fall in prices below the mark of $100, but sustained trading above the mark of $101, could propel prices for upside in the prices towards the mark of $105.

Copper

Copper futures sustained the gaining momentum near the mark of 1421, amid tight supply and increasing demand.Fall in LME inventory and rising Chinese demand continued to provide support to the red metal. From a technical perspective, if prices maintained the levels above ₹1,21, the pathway opened for a retest of ₹1430/₹1440. But a fall under ₹1,415 might trigger a short-term pullback, falling into the ₹1,407/1400 support level.

Evening Commodity Trading Guide 14^th Oct 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract continues to trade with an ongoing corrective posture, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,50,000 – ₹1,51,200, while the primary support zone lies between ₹1,46,500 – ₹1,45,300. Technical analysis indicates that weakness in prices can continue if they breach the support zone. For strategic long-term allocation, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions.

COMEX Gold (Spot): Spot gold displays a Bearish Sentiment profile as price action trades beneath immediate resistance barriers. Resistance is identified near $4,180 – $4,200, while key underlying support levels are seen near $4,100 – $4,066.

Overall View: Gold remains under firm short-term selling pressure following technical support breakdowns. A sustained breach of lower support levels could extend downside momentum, though strategic long-term investors can utilize deeper price dips for disciplined, phased accumulation.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face downside pressure, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,20,000 – ₹2,24,000, with support expected near ₹2,14,500 – ₹2,10,800. Technical analysis suggests weakness in prices can continue if they breach the support zone. Simultaneously, long-term investors can consider buying in small amounts on every dip to build core long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a Bearish Sentiment setup. Overhead resistance levels are placed at $59.50 – $60.70, while support is likely established around $57.50 – $56.50.

Overall View: Silver maintains a distinct bearish technical layout as lower support bounds are actively tested. Breaching primary lower support limits could accelerate the ongoing corrective move, making strict stop-loss discipline essential for near-term positions.

Crude Oil Technical Outlook

MCX Crude Oil (Nov): Trading in line with International NYMEX Spot prices, the November contract displays a potential stabilization structure. Technical resistance is positioned at ₹9,100 – ₹9,200, while immediate support rests between ₹8,850 – ₹8,750. Technical analysis suggests bounce is seen from lower levels; a positive move can continue after breaching the resistance zone. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Bullish Sentiment profile as upside momentum attempts to build above key moving averages. Resistance stands at $96.50 – $98, while key support levels are seen between $94.00 – $93.

Overall View: Crude oil exhibits strong positive momentum off lower support floors. Clearing overhead resistance zone limits will be key to sustaining further upside gains, though traders must remain disciplined given persistent geopolitical headline risks and upcoming US economic events.

Aluminium Technical Outlook

MCX Aluminium (Oct): Directly tracking global trend, the active October contract experiences near-term consolidation within a broader range-bound structure. Technical resistance is positioned at ₹327 – ₹330, while key support underpins price action between ₹323 – ₹316. Technical analysis indicates selling pressure is seen, and it can continue if the support zone is breached. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Aluminium (Spot): LME Aluminium holds a Bearish Sentiment profile as price action consolidates between well-defined parameters. Overhead resistance stands between $3,040 – $3,070, while key support levels are established between $3,000 – $2,980.

Overall View: Aluminium trades with a distinct downward tilt within its consolidation structure. A breakdown below primary support bounds may prolong downside pressure, warranting heightened caution and strict risk controls.

Commodities: Pivot Table

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