COMMODITY MARKET (19th Oct 2026)

COMMODITY UPDATE:

Evening Commodity Trading Guide 19^th Oct 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract reflects an ongoing corrective posture, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,48,600 – ₹1,50,000, while the primary support zone lies between ₹1,47,200 – ₹1,45,800. Technical analysis indicates that we saw a fall on 14th Oct, and the previous 2 session we can see a bounce, and now prices are sustaining above the 200 EMA but bellow 10,60EMA shows a bit weakness in prices, and RSI is under 50 Mark as well, indicating weakness in prices, so if the bounce comes from support and and prices breach the resistance zone, we can expect an upward movement until then we can expect more negativity if prices brace support zone. For strategic long-term allocation, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions.

COMEX Gold (Spot): Spot gold displays a Sideways to Bearish Sentiment profile as price action trades beneath immediate resistance barriers. Resistance is identified near $4,200 – $4,245, while key underlying support levels are seen near $4,150 – $4,110.

Overall View: Gold remains in a sideways-to-bearish framework. While prices show minor rebound attempts off support, remaining below short-term EMAs and an RSI under 50 keep the overall bias cautious. A breakdown below key support could trigger further selling, while long-term investors can continue phased, dollar-cost averaging on dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face downside pressure, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,12,800 – ₹2,15,000, with support expected near ₹2,10,000 – ₹2,08,000. Technical analysis suggests after a massive fall on 14th Oct, we are seeing a bit of a bounce in prices, but still there is weak sentiment in prices as prices have seen pressure from higher levels and seeing profit booking, breaching today’s low as well, and prices are below 10,60,200 EMA and RSI near 40, showing weakness as well if prices fall below the support zone, we can expect more negativity. Simultaneously, long-term investors can consider buying in small amounts on every dip to build core long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a Sideways to Bearish Sentiment setup. Overhead resistance levels are placed at $58 – $59, while support is likely established around $57.20 – $56.40.

Overall View: Silver maintains a weak technical structure with downside risks dominating as prices trade below key exponential moving averages and RSI stays suppressed around 40. Breaching primary lower support limits could accelerate the ongoing corrective phase, necessitating disciplined stop-loss placement for active positions.

Crude Oil Technical Outlook

MCX Crude Oil (Oct): Trading in line with International NYMEX Spot prices, the October contract continues to show robust bullish momentum. Technical resistance is positioned at ₹9,450 – ₹9,600, while immediate support rests between ₹9,250 – ₹9,080. Technical analysis notes that continuing to show positivity, although today we see a gap-down open, we are seeing buying from lower levels, and prices are also sustaining above the 10,60,200EMA with healthy volumes, and RSI is nearing 70, which shows more positivity, and if we breach the resistance zone, we can see more positivity. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Sideways to Bullish Sentiment profile as upside momentum attempts to build above key moving averages. Resistance stands at $99.40 – $101, while key support levels are seen between $97.50 – $96.

Overall View: Crude oil exhibits strong positive momentum backed by resilient buying on dips, healthy trading volumes, and RSI strength approaching 70. Clearing overhead resistance zone limits will be key to sustaining further upside gains, though traders must remain disciplined given persistent geopolitical headline risks.

Aluminium Technical Outlook

MCX Aluminium (Oct): Directly tracking global trend, the active October contract experiences near-term consolidation within a broader range-bound structure. Technical resistance is positioned at ₹326.50 – ₹331, while key support underpins price action between ₹321 – ₹316. Technical analysis indicates after breaking the 333 mark, we have seen a massive fall of more than 5% and made a low of 315.45, and now seeing a bounce from there, which is a bit of positive sentiment, but overall it can be treated as short covering as prices are below the 60,200 EMA on the daily chart, so from resistance we can Expect Selling Presure rising, and if prices fall and break the support zone we can see more negativity in prices. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Aluminium (Spot): LME Aluminium holds a Sideways to Bearish Sentiment profile as price action consolidates between well-defined parameters. Overhead resistance stands between $3,020 – $3,040, while key support levels are established between $2,980 – $2,950.

Overall View: Aluminium trades in a short-covering bounce within a broader bearish structure. Selling pressure is expected to re-emerge at overhead resistance zones, and a breakdown below lower support levels could renew downside momentum.

Commodities: Pivot Table

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