COMMODITY MARKET (16th July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with subdued momentum and are currently hovering near the level of $4025, with a loss of 0.87% on daily basis, as investors await the Federal Reserve’s policy outlook amid softer US inflation data. As per the latest data released US inflation softens to 3.5% lower than market expectation of 3.8%, also PPI also rose softer than expected at 0.2%, amid lower energy price. But gold continued to face pressure amid escalating tension between US-Iran, which has again pushed the oil prices above the mark of $80, bringing back the inflationary concern.

SILVER

COMEX silver prices traded with negative bias are seen trading down by 1.15% near the mark of 57.072, amid escalation US-Iran tension, which has failed to reach any peace agreement. Further Trump threatening to continue the war till Iran  comes to table for negotiation and continuing military strikes, is expected to push crude oil prices higher, thus bringing back the inflationary concern, which may led to rate one hike. However, on the technical front, if Silver  prices continued to sustain above $55, then we may see, price reaching $61.

CRUDE

Amid escalating Middle East conflicts near the critical Strait of Hormuz, Brent Crude prices surged above $80 today to reach $84.16 per barrel.  The spike in prices continued as the US made fresh strikes on Iran targeting their missile storage facilities and strategic waterways. Further reports are also suggesting Trump is adamant towards further strikes and taking over of Kharg’s island, which could further intensify the situation and take the oil prices towards $90.

Copper

MCX copper prices are seen trading above the level of Rs1300, closing the day at Rs1311.75, , With renewed tension between US-Iran, may put pressure on copper prices, and fall below Rs1310, can take the prices towards the level of Rs1300.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 16^thJul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract continues to display defensive characteristics, keeping near-term sentiments in line with COMEX. Sellers are currently capping counter-trend relief attempts, keeping immediate technical resistance positioned at ₹1,42,000 – ₹1,43,200. On the lower end, the crucial support zone is established between ₹1,41,000 – ₹1,40,000. Dynamic trend indicators suggest that weakness in prices may continue after breaching the support zone, but stay cautious against chasing late-stage momentum near these historical floors.

COMEX Gold (Spot): Spot gold remains locked in a clear Sideways to Bearish Sentiment, driven by a firming dollar index and cautious market positioning ahead of key macroeconomic events. This corrective structure keeps immediate overhead resistance restricted near $4,050 – $4,100. Meanwhile, downside targets are tightly monitored, with key support levels seen near $4,000 – $3,960.

Overall View: With short-term indicators favoring a defensive slant, aggressive buying on minor intraday bounces carries high directional risk. Traders should preserve capital and wait for established consolidation at support bounds before committing to sizeable tactical plays. However, this corrective drop serves as a solid window for patient portfolio construction; long-term investors can consider buying in small amounts on every dip down into core value zones to optimize overall entry pricing.

Silver Technical Outlook

MCX Silver (Sept):The domestic September contract continues to showcase a weak underlying posture, holding its intraday sentiments in line with COMEX. Technical rallies are meeting persistent distribution, locking in major overhead resistance at ₹2,20,000 – ₹2,23,500. On the downside, the primary defensive line is expected near ₹2,18,000 – ₹2,15,000. The chart setup warns that weakness in prices may continue after breaching the support zone, but stay cautious of sharp short-covering bounces given silver’s high-beta nature.

COMEX Silver (Spot):Spot silver carries a distinctive Sideways to Bearish Sentiment profile, reflecting reduced industrial appetite and broader speculative cooling. The white metal faces tight technical boundaries, with resistance levels placed at $57.50 – $59 and stabilizing supports likely around $56 – $54.

Overall View:The path of least resistance across the silver complex points downward for the immediate horizon, emphasizing the need for strict boundary discipline and defensive capital allocation. Short-term traders should protect trading capital by avoiding premature bottom-fishing before a verifiable floor takes shape. For macro-focused portfolios, this corrective drop serves as a healthy reset; long-term investors can consider buying in small amounts on every dip inside major structural demand pockets.

Crude Oil Technical Outlook

MCX Crude Oil (Jul): Moving cleanly in line with International NYMEX Spot prices, the domestic July contract maintains its constructive baseline. Strong physical buying has secured local technical resistance at ₹7,800 – ₹8,000, while active support cushions are positioned at ₹7,550 – ₹7,300. Under this supportive framework, the primary tactical blueprint remains to Buy on Dips near identified value lines.

NYMEX Crude Oil (Spot): Spot crude is holding onto a constructive Sideways to Bullish Sentiment channel, supported by localized physical supply deficits and geopolitical friction. Overhead technical resistance stands at $81 – $83.30, which continues to act as the primary gatekeeper for fresh breakout buyers. Conversely, price corrections are being steadily defended, with key support levels seen between $78.60 – $76.

Overall View: The structural trend favors buyers on minor corrections, making buy-on-dips the statistically favored playbook. However, because headline risks can trigger sudden, sharp margin shakes, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Focus on executing risk-defined setups near support baselines and trailing protective stops diligently to shield trading capital.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking the global trend, the domestic July contract displays a highly supportive market structure. Immediate technical advancements are running into seller blocks near the resistance band of ₹378 – ₹381, while strong physical demand continues to underpin the market, establishing a firm support floor at ₹375 – ₹372. Given this constructive layout, the primary execution strategy is to continue to Buy on dips near key technical baselines.

COMEX Zinc (Spot): COMEX Zinc continues to stabilize within a healthy Sideways to Bullish Sentiment bracket, consolidating strength below major multi-week milestones. Overhead technical resistance stands at $3,600 – $3,640, serving as the next major hurdle for breakout buyers, while downside exposure remains neatly insulated, with key support levels seen between $3,560 – $3,520.

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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