COMMODITY MARKET (18th Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with positive momentum for the third consecutive trading session and continued to sustain above the mark of $4400, and is currently trading at the mark of $4428. The positivity in the gold prices are attributed to  weakness in the dollar index which is trading near the mark of 99.56 along with weak inflation numbers, and  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 an eye on FOMC minutes due to be released on 19 August, along with Kevin Warsh’s speech on Jackson Hole Symposium due 27-29 August, 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 is approaching near its crucial resistance level of $67, as it is currently trading near the mark of $66.26, amid weakness in dollar index along with weak US economic numbers. Investors will keep eye on FOMC minutes due to be released on 19 also on Kevin Warsh speech to be delivered on Jackson Hole symposium, due on 27-29 August. Also Housing permits are due to be released in the evening which will give further insight about the housing market of the US economy. On the technical front , if Silver manages to breach the level of $67, it may strengthen to reach $71. However falling below the mark of $65, may trigger some weakness in the silver prices towards the mark of $62, 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 $88, and is approaching its upside destination of $90. A memorandum signed in June between US-Iran, giving 60 days to both the countries to negotiate has expired. On the other side, Iran and Oman are still negotiating about Strait of Hormuz in which US hasn’t been invited.Thus, oil prices are expected to remain elevated till the US-Iran doesn’t neutralize and there is no peace through talk between them and Strait of Hormuz remain closed.Thus successful breach of $89, would propel pil prices to reach for $92.

Copper

MCX copper gained 0.37% but  settled  at the mark of 1383. 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 centres.  Further fall in refined copper production in China for the second consecutive month also provided support to the copper prices. Thus, If Copper prices sustains above the mark of ₹1380, can push the prices towards the mark of ₹1390. However, falling below 1360, would trigger weakness to the level of 1348.

Commodity Levels:

Evening Commodity Trading Guide 18^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract continues to trade within a controlled horizontal band, keeping its sentiment in line with COMEX. Overhead technical resistance is positioned at ₹1,55,500 – ₹1,56,500, while the primary demand/support zone rests between ₹1,54,700 – ₹1,53,500. Given the strong structural foundation, the tactical guidance remains Buy on Dips. For portfolio accumulation, long-term investors can consider buying in small amounts on every dip within value regions.

COMEX Gold (Spot): Spot gold displays a Sideways Sentiment profile as prices consolidate around recent elevated levels. Immediate technical resistance stands near $4,400 – $4,450, while key baseline support is marked near $4,370 – $4,310.

Overall View: Gold is holding within a range-bound structure. Active market participants should prioritize accumulation on pullbacks toward underlying support bands rather than chasing unconfirmed breakouts near overhead resistance limits.

Silver Technical Outlook

MCX Silver (Sept): Reflecting global consolidation, the active September contract maintains a stable technical profile, keeping sentiments in line with COMEX. Overhead resistance stands at ₹2,36,000 – ₹2,38,500, while primary downside support is expected near ₹2,34,000 – ₹2,32,000. With the broader trend favoring long-side exposure, the primary tactical directive is Buy on Dips. Simultaneously, long-term investors can consider buying in small amounts on every dip to construct core allocations.

COMEX Silver (Spot): Spot silver exhibits a Sideways Sentiment pattern. Immediate resistance hurdles are positioned at $65.70 – $66.50, while downside support buffers are likely established around $64.20 – $63.30.

Overall View: Silver remains in a horizontal consolidation phase. Traders should look for orderly corrective dips into established support zones to enter risk-defined long setups.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): Trading in line with International NYMEX Spot prices, the active August contract is building positive momentum toward higher technical targets. Immediate resistance is identified at ₹8,250 – ₹8,500, with key support holding firm between ₹8,100 – ₹7,950. Technical setups indicate that prices may see an up move after sustaining above the resistance zone. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil carries a Sideways to Bullish Sentiment structure driven by expanding geopolitical risk premiums. Overhead resistance stands at $85 – $86, while key support levels are established between $83.80 – $82.60.

Overall View: Crude oil is displaying expanding upside momentum. Traders should monitor resistance breakout confirmations for long continuation plays, while keeping tight stop-loss orders to manage headline-driven market swings.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking global trend, the active August contract is digesting recent gains near multi-session highs. Technical resistance is positioned at ₹401 – ₹405, while immediate support underpins the range between ₹397 – ₹393. Chart metrics highlight that the contract is seeing some profit booking as it was near the overbought zone but the overall positive trend is still intact, a bounce from Lower Support Levels can be expected, supporting a Buy on Dips strategy. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc reflects a Sideways to Bullish Sentiment profile, benefiting from stable industrial underlying demand. Resistance stands at $3,750 – $3,780, while key support levels are holding between $3,700 – $3,680.

Overall View: Zinc maintains a positive chart setup despite short-term profit booking. Corrective pullbacks into key support levels offer favorable risk-reward entry points for momentum-oriented traders.

Commodities: Pivot Table

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