Morning Commodity Market Snapshot

GOLD

COMEX gold prices are seen trading with negative bias and currently seen extending its weakness and are down by 1.16% at $4170. The fall in yellow metal is attributed to hawkish stance Fed for the interest changes to be made later in the year. Fed Chairman Warsh vowed to restore price stability,and signaled growing support for interest rate hikes. On the technical front if prices fail to maintain the level of $4150, then yellow metal may reach for the next downside destination of $4100.

SILVER

COMEX Silver prices are seen extending losses for the third consecutive trading session and is seen currently below its crucial support of $65, amid expectation of rise in interest by FED, later in the year. Higher borrowing costs reduce the appeal of non-yielding assets like bullions by increasing their opportunity cost. Meanwhile, investors appreciated the  signs of improving shipping conditions through the Strait of Hormuz after the US-Iran interim peace deal came into effect. But on the technical front, if prices fail to sustain above the mark of $65, then silver may reach the next downside destination of $60.

CRUDE

Brent Crude prices continued to trade within thin range and prices are hovering near the level of $80, at $79.48. Bargain buying from the lower level is providing support to the oil prices. Further providing support to the oil prices is the fall in inventory reported by EIA. As per the latest data released on 17th June, oil inventory decreased by 8.3 million barrels. This drop was significantly larger than the forecasted 3.6 to 4.6 million-barrel draw. This has bought  commercial inventories roughly 6% below the five-year average for this time of year.

Copper

MCX copper prices closed at Rs1321.80 on Thursday. Downside in the prices are weighed amid expectation of rise in interest rate by FED in the later part of the year. On the technical front, if prices fail to pull itself above the mark of Rs1324, it may further all towards the level of Rs1300-Rs1290.

COMMODITY LEVELS:

Evening Commodity Trading Guide 19^thJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract has turned increasingly defensive, keeping its short-term sentiments in line with COMEX. The market is experiencing a visible cooling-off period as lower technical boundaries are being actively tested. Overhead resistance is now tightly positioned at ₹1,47,500 – ₹1,49,000, while the critical support zone below rests between ₹1,46,500 – ₹1,45,000. Given the shift in near-term momentum, weakness in prices may continue after breaching the support zone, making it essential to monitor overhead ceilings closely.

COMEX Gold (Spot): Spot gold has transitioned into a clear Sideways to Bearish Sentiment as macro pressures weigh down near-term expectations. Relieving spikes are running into a firmly established technical ceiling, with immediate resistance near $4,180 – $4,220 actively keeping buyers on the defensive. On the flip side, critical lines of defense to anchor the structural trend are seen holding near the key support levels of $4,120 – $4,070.

Overall View: With short-term indicators leaning structurally lower, chasing sudden intraday bounces into prominent supply blocks carries an adverse risk-to-reward ratio. Discipline near boundary parameters is key. However, this corrective drop continues to lay down a solid baseline for patient, long-form portfolio building; long-term investors can consider buying in small amounts on every dip down into primary structural demand bands to build core visibility over time.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract is enduring a sharp momentum pullback, tracking its broader sentiments in line with COMEX. Immediate counter-trend rallies face an established wall of supply, leaving major technical resistance standing at ₹2,35,000 – ₹2,42,000. Conversely, dynamic safety nets for underlying buyers are expected lower down near ₹2,30,000 – ₹2,22,000. Traders should exercise patience at temporary spikes since weakness in prices may continue after breaching the support zone.

COMEX Silver (Spot): Spot silver is flashing a distinct Sideways to Bearish Sentiment as short-term liquidation trends pressure the metal. Overhead technical resistance levels are heavily placed at $65.50 – $68, acting as a rigid cap on recovery attempts. On the downside, potential stabilizing zones are likely around the key support levels of $64 – $61.50.

Overall View: The path of least resistance for the white metal remains tilted downward 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 the core demand pockets to smoothly accumulate exposure.

Crude Oil Technical Outlook

MCX Crude Oil (Jul): Moving cleanly in line with International NYMEX Spot prices, the domestic July contract exhibits a highly reactive chart footprint. Intraday advances are currently testing a strong line of sellers, with technical resistance mapped at ₹7,300 – ₹7,480, while solid underlying floor defense is waiting near the support levels of ₹7,100 – ₹6,900. Charts indicate the contract may see up move after sustaining above the resistance zone, bringing a minor shift to the near-term landscape.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has entered a clear Sideways to Bullish Sentiment phase as supply-side dynamics and tightening global stock projections fuel buyer aggression. Relief rallies face immediate overhead caps, with resistance standing at $77 – $80. Downside moves, however, continue to be actively picked up by buyers, with key support levels seen between $75 – $72.80 keeping the structural uptrend stable.

Overall View: While a definitive break above immediate technical barriers could invite fresh momentum buying, the energy matrix remains highly susceptible to rapid intraday swings. Traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Manage trade parameters aggressively, apply strict trailing stop-losses, and be prepared for sudden headline-driven volatility spikes near technical borders.

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 ₹360 – ₹367. On the downside, the demand floor is expected to anchor between ₹355 – ₹350. While the chart shows that weakness in prices is still there, we can expect 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 $3,420 – $3,460. Downside safety nets remain intact for now, with key support levels seen holding between $3,380 – $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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