Morning Commodity Market Snapshot

GOLD

COMEX gold prices are seen trading with positive bias and are currently up by 1.36% from previous close at the level of $4316. Gold prices found support as the Fed kept its interest rate unchanged. Further gold is expected to find support with the central bank continuing its purchase of the safe haven asset thus making its way into the reserves of the economy. However, for further upside in the prices, gold prices must reach for the upside destination $4350 and breach the level and sustain above the  same for the yellow metal to reach for $4400-$4450 level.

SILVER

COMEX Silver prices traded with positive bias are currently trading below the mark of $70, at $68.92, up by 1.63% from previous close. Silver prices are rising as the Fed in its latest meeting kept the rate unchanged  also, 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.Breach of $71, would further confirm the upside biasness in the white metal which will thus be ready to touch the upside destination of $75. Further sluggishness in crude oil prices, which has plunged below the mark of $80, is also supportive for the silver prices.

CRUDE

Brent Crude prices plunged below the mark of $80 amid optimism of the US-Iran peace deal which further  is expected to open up the Strait of Hormuz by Friday . Further oil tankers from other countries are also expected to resume their transit through the Strait of Hormuz, once the interim deal is signed. Further pressuring the oil prices is the  the MEMO released by US also states that no fees will be charged for the ships crossing Strait of Hornmuz for 60 days, which is further weighing on the oil prices. 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. Thus fall below the $75, could make prices further weak towards the level of $70.

Copper

MCX copper prices closed at Rs1327.60 on Wednesday amid cautious activity before the interest rate decision by Fed was released. However, downside remains capped amid an interim peace deal agreement between  US-Iran due to be signed on 19th September 2026. With interest rates kept unchanged, Copper prices are expected to surge. For further upside in the prices, it must sustain above the crucial support of Rs1323 and sustain above the same to re-claim the upside destination of Rs1350.

COMMODITY LEVELS:

Evening Commodity Trading Guide 18^thJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract continues to reflect a cautious trading pattern, keeping its short-term sentiments in line with COMEX. Upper price adjustments face supply friction, leaving technical resistance positioned at ₹1,50,800 – ₹1,52,500. On the lower boundary, the floor demands strict monitoring, as the immediate support zone lies between ₹1,49,500 – ₹1,47,000. Momentum studies suggest that weakness in prices may continue after breaching the support zone, warning bulls against premature exposure.

COMEX Gold (Spot): Spot gold remains locked in a Mixed Sentiment profile as market participants balance competing macroeconomic variables against localized demand. This range-bound structure leaves immediate technical resistance established near $4,280 – $4,330. Downside risks appear neatly contained for now, with key support levels holding reliably near $4,220 – $4,180.

Overall View: Because the yellow metal is currently lacking a strong breakout trigger, short-term players should focus on boundary discipline near range extremes rather than chasing intraday momentum. However, for strategic portfolio builders, this non-linear phase remains a highly constructive window; long-term investors can consider buying in small amounts on every dip inside major structural demand pockets to steadily optimize their long-term entry costs.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract continues to experience a momentum pullback, tracking its broader sentiments in line with COMEX. Immediate counter-trend rallies face a well-defined wall of supply, leaving technical resistance standing at ₹2,42,000 – ₹2,48,000. Conversely, dynamic safety nets for underlying buyers are expected lower down, with support expected near ₹2,38,000 – ₹2,30,500. Technical studies warn that weakness in prices may continue after breaching the support zone, necessitating strict risk protocols.

COMEX Silver (Spot): Spot silver is flashing a Mixed Sentiment profile as near-term industrial demand expectations match up against localized liquidation pressures. The white metal is encountering prominent overhead friction, with resistance levels placed at $68 – $71.50 acting as a near-term cap. On the downside, potential stabilizing zones are likely around the key support levels of $66 – $63.

Overall View: The path of least resistance for the silver complex remains defensive for the immediate horizon, meaning tactical boundary discipline and strict confirmation are vital. Short-term traders should protect trading capital by avoiding premature bottom-fishing before values baseline. For macro-focused accounts, this corrective phase remains fundamentally healthy; long-term investors can consider buying in small amounts on every dip inside core demand zones to smoothly accumulate 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 ₹7,150 – ₹7,350. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹7,000 – ₹6,800. 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 drifted into a temporary Bearish Sentiment 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 $75.50 – $78 keeping buyers at bay. On the lower end, key support levels are seen near $73.50 – $70, 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. Short-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 ₹361 – ₹365. On the downside, the demand floor is expected to anchor between ₹354 – ₹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 – $3,475. Downside safety nets remain intact for now, with key support levels seen holding between $3,365 – $3,330.

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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