COMMODITY MARKET (17th July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with positive bias and managed to pull itself above the key psychological level of $4000.However, gold prices are still eclipsed by US-Iran war , which is not yet over, rather the cease fire which was in place for last two months, is over, and the situation has intensified pushing crude oil prices above the mark of $80, bringing  back the inflationary fears. But constant buying of gold by central bank continued to provide support to the bullion prices.

SILVER

COMEX silver prices traded with negative bias and touched the low of $54.770 in the early hours of the trading session on Friday. But prices found support at the level of $55, and has managed to pull itself above the key level to trade near $55.65. The upside in the silver prices are being capped by fear of inflation amid rising crude oil prices above $80, attributed to the US-Iran war intensifying with Mr. Trump threatened more attacks on Iran in the coming week. This has led to expectation of elevated interest rate which in turn continued to weigh heavily on the silver prices. However, if silver manages to sustain above the level of $55, it may reach $58.

CRUDE

Amid escalating Middle East conflicts near the critical Strait of Hormuz, Brent Crude prices surged above $80 today to reach $83.93 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 managed to sustain the₹1300 mark. But intensifying the US-Iran war pushed the copper prices down towards the level of 1300. Fall below this, can trigger further weakness to the level of ₹1290. But long term story for copper remain positive with Supply disruption and exponential rise in demand amid rise in EV, AI and green energy.

Commodity Levels:

Evening Commodity Trading Guide 17^thJul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract maintains a corrective undertone, keeping its near-term sentiments in line with COMEX. Immediate recovery spikes are facing active supply distribution, pinning local technical resistance at ₹1,41,000 – ₹1,42,400. On the lower boundary, the primary defense layer lines up between the ₹1,39,700 – ₹1,38,500 support zone. Micro-structure indicators imply that weakness in prices may continue after breaching the support zone, but stay cautious against over-leveraging into overextended selling legs near these critical base areas.

COMEX Gold (Spot): Spot gold remains locked within a distinct Sideways to Bearish Sentiment track, influenced by near-term liquidity pacing and macro positioning. The yellow metal faces persistent overhead friction, structuring immediate technical resistance near $4,020 – $4,080. Meanwhile, structural downside vulnerability points to key support levels seen near $3,970 – $3,925.

Overall View: Because the short-term trend leans defensive, chasing intraday rallies without structural confirmation carries elevated risk. Active swing traders should limit exposure inside the middle of the range and prioritize execution at the outer bands. However, these structural pullbacks offer an attractive scaling window for patient allocators; long-term investors can consider buying in small amounts on every dip inside major demand pockets to build out solid core positions.

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues to navigate a soft technical landscape, keeping its broader intraday sentiments in line with COMEX. Short-covering bounces are hitting immediate counter-trend walls, locking key technical resistance at ₹2,17,000 – ₹2,20,000. Downward momentum remains insulated by primary support expected near ₹2,13,500 – ₹2,10,000. Technical setups warn that weakness in prices may continue after breaching the support zone, but stay cautious of sudden, erratic short-squeeze reactions common to the white metal.

COMEX Silver (Spot): Spot silver carries a defined Sideways to Bearish Sentiment tag as near-term speculative interest cools alongside minor fluctuations in physical manufacturing demand. This consolidation leaves overhead resistance levels placed at $56 – $57.50, while stabilizing supports are likely around $55 – $53.50.

Overall View: The silver market continues to favor sellers on aggregate momentum, making capital protection and level discipline imperative. Active traders should avoid front-running potential bottoms until a definitive consolidation base is stamped on the daily charts. For macro-focused portfolios, these lower price levels minimize systemic entry risk; long-term investors can consider buying in small amounts on every dip down into primary historical value zones.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): Trading cleanly in line with International NYMEX Spot prices, the domestic July contract maintains its constructive baseline structure. Buyers are actively defending localized dips, placing technical resistance at the ₹7,800 – ₹8,000 band and anchoring dynamic support cushions down at ₹7,550 – ₹7,300. Under this technical configuration, the primary strategic execution plan is to Buy on Dips near the lower boundaries.

NYMEX Crude Oil (Spot): Spot crude remains technically resilient, maintaining a positive Sideways to Bullish Sentiment trajectory fed by tight inventory dynamics and persistent global supply risks. The commodity faces a near-term ceiling with technical resistance standing at $81 – $83.30. Conversely, pullbacks continue to be met with strong dip-buying, keeping key support levels seen between $78.60 – $76.

Overall View: The underlying structure favors buyers on corrections, positioning long setups at primary support zones as the preferred playbook. However, due to the constant threat of overnight macro developments reshaping short-term momentum, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Focus on precise risk targeting, take regular profit targets, and maintain strict stop-loss rules to guard capital.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking the global trend, the domestic July contract exhibits a fundamentally strong market framework. Intraday upward extensions are meeting temporary supply friction near the resistance zone of ₹375.50 – ₹379, while strong underlying physical bids step in near the support base of ₹372 – ₹369. Given this constructive structural layout, the default tactical blueprint is to Buy on dips near confirmed base levels.

COMEX Zinc (Spot): COMEX Zinc continues to stabilize within a healthy Sideways to Bullish Sentiment corridor, utilizing minor consolidations to reset its technical momentum indicators. Overhead technical resistance stands at $3,550 – $3,600, serving as the next major hurdle for breakout buyers. Meanwhile, downside exposure remains neatly insulated, with key support levels seen between $3,500 – $3,450 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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