COMMODITY MARKET (19th Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with negative bias on Tuesday and lost 1.90%, but currently at the wee hours of the trading session, gold managed to gather buying at lower level and is currently hovering near $4354. Prices experienced pressure amid strength in bond yield,as 30 year bond yield reached 19 years high with bond yield of other economies also seen reaching the highest level in decades.But downside in prices remain capped amid  weakness in the dollar index which is trading near the mark of 99.56. 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 $4350, would further push the gold prices towards $4400.

SILVER

COMEX silver prices extended their Tuesday’s losses and prices have fallen below its psychological level of $65 and is currently trading near the mark of $63. The downside in the silver prices are propelled by increasing yield for 30 years and reaching to the level of highest in 19 years, with other economies also showing similar strength.Further rise in crude oil prices also weighed on the bullions,with US-Iran not reaching any conconclusion, Strait of Hormuz continued to remain shut. However, downside in silver price are expected to remain limited as the chances of keeping interest rate is increased to 65%.Further 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. On the technical front , if Silver manages to breach the level of $65, it may strengthen to reach $67.

CRUDE

Brent Crude oil prices traded with positive bias and are currently hovering near the mark of $90. If, prices are sustaining above the mark of $90, and is approaching its upside destination of $93. A memorandum signed in June between US-Iran, giving 60 days to both the countries to negotiate has expired. Further Trump indicated that there is no negotiation going on with Tehran, while the Strait of Hormuz Naval blockade continued to be placed.But he also indicated that waterways are open and safe as mines have been cleared.  Thus, oil prices remain elevated till the US-Iran doesn’t neutralize and there is no peace through talk between them and the Strait of Hormuz remains closed.

Copper

MCX copper fell by  1.06% to settle at 1368.55. despite 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 is expected to provide a cushion to the copper prices. Thus, If Copper prices sustains above the mark of ₹1360, can push the prices towards the mark of ₹1380. However, falling below 1360, would trigger weakness to the level of 1348.

Commodity Levels:

Evening Commodity Trading Guide 19^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract maintains a well-defined consolidation pattern, keeping its sentiment in line with COMEX. Overhead technical resistance is positioned at ₹1,55,500 – ₹1,56,500, while the primary demand and support zone rests between ₹1,54,000 – ₹1,53,000. Given the strong structural foundation, the primary trading strategy remains Buy on Dips. For long-term portfolio building, investors can consider buying in small amounts on every dip within core value regions.

COMEX Gold (Spot): Spot gold displays a Sideways Sentiment profile as prices trade within established range limits. Immediate technical resistance stands near $4,400 – $4,440, while key underlying support is marked near $4,340 – $4,300.

Overall View: Gold remains inside an upward-biased horizontal channel. Active traders should prioritize long positions on corrective pullbacks toward underlying support bands rather than buying near resistance limits.

Silver Technical Outlook

MCX Silver (Sept): Reflecting global consolidation, the active September contract continues its stable path, keeping sentiments in line with COMEX. Overhead technical resistance stands at ₹2,33,000 – ₹2,36,000, with primary support expected near ₹2,30,500 – ₹2,28,000. With the broader chart structure favoring long-side momentum, the tactical directive remains Buy on Dips. Simultaneously, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions.

COMEX Silver (Spot): Spot silver exhibits a Sideways Sentiment pattern. Overhead resistance hurdles are placed at $64.50 – $66, while downside support buffers are likely established around $63.30 – $62.

Overall View: Silver continues to consolidate within a defined technical range. Corrective pullbacks toward primary support zones offer favorable entry points for risk-defined long setups.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the contract is positioning for a potential continuation move. Immediate technical resistance is identified at ₹8,250 – ₹8,350, with solid support holding between ₹8,100 – ₹7,950. Setups suggest 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. Resistance stands between $85 – $86.40, while key support levels are established at $84 – $83.

Overall View: Crude oil maintains an upward bias driven by ongoing supply headline risks. Monitor for confirmed breakouts above key resistance zones for upside continuation, maintaining strict risk controls.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking global trend, the active August contract continues to show strong baseline demand. Overhead technical resistance is positioned at ₹397.50 – ₹400, while underlying support underpins the price action between ₹395 – ₹393. The core tactical directive remains Buy on Dips. However, 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. Overhead resistance stands at $3,700 – $3,730, while key support levels hold between $3,670 – $3,650.

Overall View: Zinc retains a positive underlying trend. Corrective dips into support regions present favorable risk-reward entry opportunities for long positions.

Commodities: Pivot Table

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