COMMODITY MARKET (17th Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with positive momentum for the second consecutive trading session but failed to sustain above the mark of $4400, and is currently trading at the mark of $4390. The positivity in the gold prices are attributed to weak inflation number, along with falling consumer sentiment and retail sales numbers that has further reduced the chances of rate hike in the month of september. Investors are now keeping eye on FOMC minutes along with Kevin warsh’s speech on Jackson hole Symposium, that will give further insight about the US economy and geo political scenario thus giving further direction to gold and silver prices in time to come. Only sustained trading above 4400, would further push the gold prices towards 4450.

SILVER

COMEX silver prices gained and managed to trade above the mark of $65 and is currently trading near $65.4870 amid weak US economic number along with weakness in dollar index. Further elevated tension in Middle east may cap the upside , with oil prices continued to trade above the mark of $85. As Israel launched fresh strikes against lebanon and US is all set to impose new economic sanction on Iran to surrender. Thus, if the index manages to retest the level of $65, it may again be stronger to reach $71. However falling below the mark of $65, may trigger some weakness in the silver prices towards the mark of $61, in near term.

CRUDE

Brent Crude oil prices traded with flat to negative bias, with some buying witnessed at lower side. However, prices are sustaining above the mark of $85, to reach for the upside destination of $90. As, Israel has launched fresh missile on Lebanon and US is all set to impose new economic restriction on Iran. to surrender. This elevated scenario in middle east is expected to provide support to the oil prices. But upside in Crude oil prices may remain under pressure as OPEC has lowered the demand outlook for 2026 to 580,000 barrels per day, marking its fourth consecutive downward revision. Further IEA, also cut its demand outlook citing the reason for elevated prices weighing on consumption. Thus, if prices fall below the $80, we may see prices slipping to the level of $75.But sustained training above the mark of $87, would further induce prices to reach for $90.

COPPER

MCX copper gained 0.18% but  settled  below the mark of 1380, to settle the day at 1378.30. Copper prices are expected to stay elevated amid  fall in inventory along with supply disruption and rise in demand of EV, Solar energy, AI data centre. The weakness in copper is witnessed amid profit booking at higher levels, though the trend continues to remain positive. Thus, If Copper prices sustains above the mark of ₹1370, can push the prices towards the mark of ₹1385. However, falling below 1360, would trigger weakness to the level of 1348.

Commodity Levels:

Evening Commodity Trading Guide 17^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The active October contract maintains a firm, upward-tilted consolidation pattern, keeping its sentiment in line with COMEX. Immediate resistance is positioned at ₹1,55,800 – ₹1,57,000, while a strong underlying support zone lies between ₹1,54,500 – ₹1,53,200. Under this constructive chart configuration, the primary trading directive remains Buy on Dips. For strategic portfolio building, long-term investors can consider buying in small amounts on every dip to steadily accumulate positions within value regions.

COMEX Gold (Spot): Spot gold displays a Sideways to Bullish Sentiment as prices consolidate within upper technical bands. Overhead resistance is identified near $4,420 – $4,460, while key downside support levels are established near $4,380 – $4,340.

Overall View: Gold remains structurally well-supported. Tactical market participants should favor accumulation during orderly pullbacks toward baseline support zones rather than chasing entries near immediate resistance boundaries.

Silver Technical Outlook

MCX Silver (Sept): Tracking global precious metal momentum, the active September contract continues its stable path, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,38,500 – ₹2,41,000, while primary support is expected near ₹2,36,200 – ₹2,33,800. With the underlying trend favoring buyers, the primary tactical approach is Buy on Dips. Simultaneously, long-term investors can consider buying in small amounts on every dip to construct core long-term allocations.

COMEX Silver (Spot): Spot silver carries a Sideways to Bullish Sentiment profile. Technical resistance hurdles are placed at $66.30 – $68, while immediate support buffers are likely established around $65 – $63.50.

Overall View: Silver maintains a positive, range-bound technical structure. Traders should utilize shallow corrective pullbacks toward defined support bands to execute risk-managed long setups.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): Trading in line with International NYMEX Spot prices, the active August contract continues to test critical floor levels. Overhead technical resistance is positioned at ₹7,900 – ₹8,000, while downside support rests between ₹7,750 – ₹7,600. Key technical parameters highlight that $80 in NYMEX is very crucial. Until it breaks down, we can expect a bounce from Lower Levels. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil exhibits a Sideways Sentiment pattern as headline risks continue to interact with demand expectations. Overhead resistance stands at $83.20 – $84.30, while key support levels are seen between $81.50 – $80.

Overall View: Crude oil remains at a critical technical pivot around the $80 baseline. Short-term relief bounces off lower support zones are expected while $80 holds, though news-driven market swings require strict risk management.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking global trend, the active August contract displays a strongly intact bullish structure. Overhead resistance is positioned at ₹403 – ₹406, while underlying demand underpins support at ₹400 – ₹397.50. Chart metrics indicate that a bounce from Lower Support Levels can be expected, supporting a Buy on Dips tactical approach. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc holds a firm Bullish Sentiment profile driven by steady physical and speculative participation. Technical resistance stands at $3,780 – $3,810, while key support levels are seen holding between $3,745 – $3,715.

Overall View: Zinc retains its positive momentum profile. Corrective dips into immediate support zones present favorable risk-reward entry opportunities for continuation plays.

Commodities: Pivot Table

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