COMMODITY MARKET (15th July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with positive bias on Tuesday amid softer US inflation, thus reducing the probability of rate hike in the coming Fed meeting. However, upside remains limited with US-Iran tension still in place and thus crude oil prices also continued its upward trajectory and prices maintained above the key level of $80. Thus, on Wednesday morning prices are seen trading below the crucial mark of $4050, near the level of $4031. However, on the technical front if gold sustains above the level of $4020, then it may rebound to the level of $4050.

SILVER

COMEX silver prices at the last trading hours of Tuesday, prices rallied and touched the high of $59.67 amid soften US inflation number. As per the recent data, headline annual inflation slowed down significantly to 3.5%, from 4.2% annual rate recorded the previous month and also lower than the market expectation of 3.8%. However, prices failed to sustain the momentum and has not yet breached the mark of $60, and is currently hovering near the level of $58.25. Further upside in silver can be expected only if it breaches the mark of $60, else price may hover within a range of $55-$60.

CRUDE

Amid escalating Middle East conflicts near the critical Strait of Hormuz, Brent Crude prices surged above $80 today to reach $84.63 per barrel.  The spike in prices continued after President Trump threatened additional military strikes on Iran after reinstating a US blockade against Tehran in the Strait of Hormuz. Trump also threatened that military operations would continue and warned that it could target Iranian power plants and bridges next week unless Tehran returns to the negotiating table. Thus, if Iran does not return to Negotiation, then oil may surge above the level of $85 and may reach $90.

Copper

MCX copper prices are seen trading near above the level of Rs1300, closing the day at Rs1311, amid fall in probability of hike in interest rate along with the report soft inflation data.  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.But if prices manages to sustain above the ley level of 1310, then it would reach ₹1327, in short term.

COMMODITY LEVELS:

Evening Commodity Trading Guide 15^thJul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract maintains a neutral to 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 ₹1,42,500 – ₹1,44,000. On the lower boundary, the primary floor lines up between ₹1,41,000 – ₹1,40,000. 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 Sentiment path as short-term liquidity balances out across major macro components. This ongoing consolidation structures the immediate technical resistance near $4,060 – $4,120. Downside vulnerabilities remain visible, with key support levels seen near $4,000 – $3,950.

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 ₹2,22,500 – ₹2,25,000. On the lower end, vital support is expected near ₹2,20,000 – ₹2,17,200. 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 $59 – $60. On the flip side, potential stabilizing zones are likely around the major support baselines near $57.50 – $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 Sideways to Bullish Sentiment profile, supported by tight global physical inventories and localized supply risks. Upside expansion faces an immediate technical barrier, with resistance standing at $80.50 – $83. On the lower boundary, pullbacks are being quickly caught by structural buyers, keeping key support levels seen between $79.20 – $77.50.

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 ₹376.50 – ₹379.50, while strong underlying demand forces wait to absorb minor soft patches at the support floor of ₹374 – ₹370.50. 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 $3,570 – $3,610, serving as the next major hurdle for breakout buyers. Meanwhile, downside exposure remains neatly insulated, with key support levels seen between $3,530 – $3,500 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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