COMMODITY MARKET (18th September 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with positive bias and have been trading successfully above the  mark of $4350, even after Fed hiked interest rate by 25 bps. Gold prices did get support and capped the downside as the oil prices plunged to the mark of $100, as Saudi Arab reported to have been offering extra Crude cargoes through Oman, thus reducing supply worries. Saudi Arabia is also offering to send more cargoes to Asian refiners through transfer through Sohar’s Oman port that has been easing the supply disruption thus, easing oil prices. Thus, on technical front, yellow metal must trade above the mark of $4350, for further rally else prices can go in consolidation range of $4380-$4400.

SILVER

COMEX silver prices  continued to respect the $67.7655 level and are currently trading with a gain of 0.91 % from previous close of 65.18.Weakness in the dollar index along with fall in WTI and Brent crude prices to $96 and $100, respectively, is supporting the white metal prices. Further investors also keep an eye  on the BoJ decision on interest that is highly likely to hike the interest rate by 25bps in line with other central bank’s decisions like ECB and Fed. Also with oil prices taking a breather, Silver prices found support and surged above the crucial resistance of $65. Thus, if prices manage to breach the mark of $65, the next target for the silver would be $67-$69, in the short term.

CRUDE

Brent Crude prices traded with negative momentum and had plunged to the mark of $100.34 at the early hours of the trading session on Friday , with Saudi  planning to restore half of capacity of east-west pipeline, and bringing it back to full capacity of operation within six weeks, has oil prices under check amid easing easing tension of Supply disruption, despite US-Iran tension. Further Saudi Arabia is making additional cargoes to Asian refiners through ship to ship transfers near Sohar’s port thus easing supply disruptions. Thus, if Brent crude prices plunge below the mark of $100, prices may reach $98 and $95, eventually, with no update from the US-Iran war.

COPPER

MCX copper prices managed to pull itself above the mark of ₹1385, a crucial level, a sustained trading above this would provide support to the base metal to achieve the higher target of 1410. Positive fundamentals, with weakness in dollar index and tariff on refined copper imposed by Trump kept the copper prices elevated. Thus, If Copper prices continue to trade above the mark of ₹1385, can push the prices towards the mark of ₹1410. However, falling below the mark of  ₹1385, would trigger weakness to the level of ₹1375.

Commodity Levels:

Evening Commodity Trading Guide 18^th Sept 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract reflects a strengthening technical posture, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,54,500 – ₹1,56,000, while the key support zone lies between ₹1,53,000 – ₹1,51,000. Chart setups indicate the market may see an upmove after sustaining above the resistance zone. For long-term allocation strategy, long-term investors can consider buying in small amounts on every dip to systematically accumulate core positions.

COMEX Gold (Spot): Spot gold displays a Sideways to Bullish Sentiment profile as buying momentum builds near technical floors. Immediate resistance is identified near $4,400 – $4,450, while key underlying support levels are seen near $4,360 – $4,300.

Overall View: Gold displays a firming technical setup. A sustained breakout above immediate resistance bands can unlock higher target ranges, while structural buyers should continue leveraging orderly dips for long-term position building.

Silver Technical Outlook

MCX Silver (Dec): Tracking international benchmark strength, the active December contract displays positive momentum, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,42,500 – ₹2,45,000, with primary support expected near ₹2,40,000 – ₹2,37,500. Technical analysis indicates the contract may see an upmove after sustaining above the resistance zone. Concurrently, 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 structure. Overhead resistance levels are placed at $67.50 – $68.50, while primary support buffers are likely established around $66 – $65.

Overall View: Silver maintains a bullish-leaning foundation. Sustaining above key resistance hurdles will likely accelerate upward extension, keeping dip-buying strategies valid across timeframes.

Crude Oil Technical Outlook

MCX Crude Oil (Oct): Displaying a slightly contradictory move compared to International NYMEX Spot prices, the contract builds upward momentum toward upper target zones. Technical resistance is positioned at ₹9,350 – ₹9,500, while immediate support rests between ₹9,150 – ₹9,000. Chart indicators suggest the contract may see an upmove after sustaining above the resistance zone. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil exhibits a Mixed Sentiment profile as price action consolidates within a broader range. Overhead resistance stands at $97 – $99, while key floor support levels are seen between $95 – $93.

Overall View: Crude oil presents divergence between domestic and global contracts alongside heightened two-way risk. Breakout traders should wait for clear confirmation above resistance boundaries while enforcing strict risk parameters.

Zinc Technical Outlook

MCX Zinc (Sept): Directly tracking global trend, the active September contract continues its strong upward trajectory. Technical resistance is positioned at ₹431 – ₹435, while primary support underpins price action between ₹427.50 – ₹422.50. Under this firm trend setup, the core tactical stance remains Buy on Dips. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc holds a Bullish Sentiment profile, underpinned by strong industrial demand parameters. Overhead resistance stands between $3,930 – $3,970, while key support levels are established between $3,900 – $3,860.

Overall View: Zinc retains its dominant bullish technical framework. Corrective pullbacks toward primary support buffers continue to offer favorable risk-reward entry zones for trend-following strategies.

Commodities: Pivot Table

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