Morning Commodity Market Snapshot

GOLD

COMEX gold prices continue to trade above the mark of $4300 for the third consecutive trading day and are currently trading at $4331 amid an interim  peace deal being reached between US-Iran. The upside in gold prices is supported by  fall in crude oil prices below the level of $80, has also dampened the sentiment of expectation of rising interest rate prices. However, gold prices are facing resistance near the mark of$4350. as upside remained capped as investors remain cautious ahead of the FED interest decision due  later in the day.

SILVER

COMEX Silver prices traded with positive bias are currently trading near the mark of $70, at $70.16.Prices are getting supported amid US-ran peace deal along with massive fall in Brent crude oil prices below the mark of $80. Weakness in Dollar index and 10 Year bond yield, also continued to provide support to the white metal. However, upside in the silver metal is capped at $71 as investors await the details of the Peace deal, along with a decision on interest rate by the FED due later in the day.

CRUDE

Brent Crude prices plunged below the mark of $80on the optimism of the US-Iran peace deal which further  is expected to open up the Strait of Hormuz by Friday thus solving the transportation disruption of crude oil. Further oil tankers from other countries are also expected to resume their transit through the Strait of Hormuz, once the interim deal is signed in Switzerland. Further pushing pressure on the oil prices is the the additional supplies from the region alongside higher OPEC+ export quotas and increased production from the UAE, are expected to boost refinery inventories worldwide. It fall below the $75 that could make prices further weak towards the level of $76.

Copper

MCX copper prices  that closed at Rs1337.60 on Tuesday, may reach for the next upside destination of Rs1350, amid interim peace deal agreement between  US-Iran due to be signed on 19th September 2026. Further investors are cautious amid Fed decision on the interest rate due later in the day, which is expected to remain status quo, that would provide further push to the metal prices.

Commodity Update:

Evening Commodity Trading Guide 17^thJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract has shifted into a constructive consolidation phase, keeping short-term sentiments in line with COMEX. The asset is actively carving out a steady technical baseline, with overhead resistance positioned at ₹1,53,000 – ₹1,54,000. On the lower boundary, a reliable structural demand floor rests between ₹1,52,000 – ₹1,51,000. Technical patterns indicate that the yellow metal may see an upmove after sustaining above the resistance zone, which could attract fresh momentum buying.

COMEX Gold (Spot): Spot gold continues to trade with a Sideways to Bullish Sentiment profile as market participants balance macroeconomic data against localized physical demand. This positive range-bound behavior leaves immediate technical resistance established near $4,350 – $4,400. Downside exposure remains neatly insulated for the time being, with key support levels holding reliably near $4,300 – $4,250.

Overall View: Because the yellow metal is building a healthy structural base, avoiding chasing overextended positions in the middle of the value band remains the most prudent path. Short-term momentum players should focus on clear risk-defined parameters near range extremes, looking for a confirmed breakout above local ceilings. For strategic portfolio builders, this non-linear phase represents a constructive accumulation window; long-term investors can consider buying in small amounts on every dip inside the core support bands to balance out their entry costs effectively.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract is building a stable foundation, keeping near-term sentiments in line with COMEX. Immediate advances face an initial technical boundary, placing major resistance at ₹2,51,000 – ₹2,57,000. On the flip side, dynamic downside safety nets are expected near the support zone of ₹2,47,000 – ₹2,42,000. Charts indicate that the white metal may see an upmove after sustaining above the resistance zone, which could pave the way for a multi-session trend extension.

COMEX Silver (Spot): Spot silver carries a favorable Sideways to Bullish Sentiment profile as industrial demand expectations and steady buying combine to support the market structure. The metal is actively challenging upper distribution fields, with resistance levels placed at $70.50 – $73 acting as a near-term cap. Meanwhile, localized buying interest continues to defend structural floors, keeping major supports likely around $69 – $66.50.

Overall View: The momentum across the silver complex has tilted back toward an upward bias within an established technical range, meaning patience and strict boundary discipline will yield the best risk-to-reward ratio. Shorter-term traders should use tight stop-losses beneath localized consolidation floors to manage risk. On a macro level, this structural consolidation offers a healthy entry window; long-term investors can consider buying in small amounts on every dip within the major demand pockets to steadily accumulate quality exposure.

Crude Oil Technical Outlook

MCX Crude Oil (Jul): The domestic July contract continues to mirror global parameters, moving cleanly in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹7,300 – ₹7,500. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹7,100 – ₹6,900. Momentum studies show that weakness in price may continue after breaching the support zone, warning bulls against premature bottom-fishing.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has entered a clear Bearish Sentiment phase as macro pressures and shifts in momentum line up against the energy market. Relief rallies are running into a well-defined ceiling, with immediate resistance standing at $77 – $79.20 keeping buyers at bay. On the lower end, key support levels are seen near $75 – $72, which will serve as crucial lines of defense for bulls trying to stabilize the trend.

Overall View: The path of least resistance for the energy complex remains defensive for the immediate horizon, meaning tactical boundary discipline and strict confirmation are vital. Shorter-term traders should exercise patience and avoid premature bottom-fishing before values baseline. Because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Lock in partial profits at regular technical boundaries and use strict trailing stop-losses to hedge against swift, headline-driven reversals.

Aluminium Technical Outlook

MCX Aluminium (Jun): The domestic June contract has dropped into a defensive consolidation block, closely tracking the global trend. Overhead supply remains heavy, positioning technical resistance at ₹364 – ₹370. On the downside, the demand floor is expected to anchor between ₹357 – ₹350. While the chart shows that weakness in prices is still there, we can expect a bounce from lower support levels where structural buyers are waiting to absorb localized pullbacks.

COMEX Aluminium (Spot): Spot aluminium has drifted into a Sideways to Bearish Sentiment profile as near-term industrial demand metrics and broader macro pressures temporarily check the metal’s upside. Relief rallies are hitting immediate technical ceilings, with resistance standing at $3,430 – $3,460. Downside safety nets remain intact for now, with key support levels seen holding between $3,390 – $3,355.

Overall View: With short-term indicators leaning slightly lower, chasing sudden intraday bounces carries an adverse risk-to-reward ratio. Shorter-term traders should prioritize strict boundary discipline near range extremes, capitalizing on support-level bounces while managing risk tightly. Because industrial commodities are highly sensitive to shifting logistics and global economic updates, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Keep position sizes conservative and ensure trailing stops are used effectively.

Commodities: Pivot Table

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