COMMODITY MARKET (16th Oct 2026)

Commodity Levels:

Evening Commodity Trading Guide 16^th Oct 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract reflects an ongoing corrective posture, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,49,000 – ₹1,50,000, while the primary support zone lies between ₹1,47,200 – ₹1,45,800. Technical analysis indicates that we saw a fall on 14th Oct, and the previous day we can see a bounce, and now prices are sustaining above the 10,60,200 EMA, and RSI is holding the 50 Mark as well, indicating Stable prices, so if the bounce sustains and prices breach the resistance zone, we can expect an upward movement. 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 Sideways Sentiment profile as price action trades beneath immediate resistance barriers. Resistance is identified near $4,200 – $4,245, while key underlying support levels are seen near $4,160 – $4,120.

Overall View: Gold has transitioned into a sideways consolidation setup following a recent rebound. Sustaining above moving average support levels and breaching the primary resistance threshold could open the door for renewed upward momentum. Strategic investors can continue disciplined accumulation on dips.

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 ₹2,15,000 – ₹2,18,000, with support expected near ₹2,12,000 – ₹2,08,000. Technical analysis suggests after a massive fall on 14th Oct, we are seeing a bit of a bounce in prices, and today’s gap-up opening prices are sustaining above the 10,60 EMA but below the 200 EMA, showing a bearish tone overall. From higher levels, we can expect Profit booking as RSI is also showing Divergence and is overall declining, and if prices fall and break the support zone, we can see more weakness in prices. 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 Sideways to Bearish Sentiment setup. Overhead resistance levels are placed at $58.50 – $60, while support is likely established around $57 – $55.50.

Overall View: Silver maintains a broader bearish bias despite short-term bounce attempts. Overhead profit booking and technical divergence pose ongoing risks of lower support breakdown, warranting strict risk parameters for tactical positions while allowing small-lot accumulation on dips for long-term investors.

Crude Oil Technical Outlook

MCX Crude Oil (Oct): Trading in line with International NYMEX Spot prices, the October contract displays strong bullish follow-through. Technical resistance is positioned at ₹9,320 – ₹9,500, while immediate support rests between ₹9,150 – ₹9,000. Technical analysis notes that continuing to show positivity, yesterday we saw more than a 4% move, which shows overall positivity, and prices sustained above the 10,60,200 EMA as well, and RSI is rising near 60; if prices breach the resistance zone, we can see more positivity. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Sideways to Bullish Sentiment profile as upside momentum attempts to build above key moving averages. Resistance stands at $96.80 – $98.30, while key support levels are seen between $95.30 – $93.60.

Overall View: Crude oil exhibits robust bullish momentum backed by strong price expansion and technical indicator alignment. Breaching resistance boundaries could trigger further upside acceleration, though market participants should maintain vigilant risk control due to prevailing geopolitical uncertainties.

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 ₹327.50 – ₹330.50, while key support underpins price action between ₹323 – ₹319. Technical analysis indicates after breaking the 333 mark, we have seen a massive fall of more than 5% and made a low of 315.45, and now seeing a bounce from there, which is a bit of positive sentiment, but overall it can be treated as short covering as prices are below the 60,200 EMA on the daily chart, so from resistance we can Expect Selling Presure rising, and if prices fall and break the support zone we can see more negativity in prices. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Aluminium (Spot): LME Aluminium holds a Sideways to Bearish Sentiment profile as price action consolidates between well-defined parameters. Overhead resistance stands between $3,030 – $3,070, while key support levels are established between $3,000 – $2,960.

Overall View: Aluminium trades in a short-covering bounce within a dominant bearish structure. Selling pressure is expected to re-emerge at overhead resistance zones, and a breakdown below lower support levels could renew downside momentum.

Commodities: Pivot Table

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