Morning Commodity Market Snapshot

GOLD

COMEX gold has extended its recent decline, firmly establishing itself under the $4,000 threshold to trade near $3,985. The downward pressure comes as hopes for a lasting peace agreement between the U.S. and Iran begin to dissipate. This geopolitical friction is stoking fears of renewed inflation, which in turn strengthens the argument for the Federal Reserve to implement further interest rate hikes. To gauge the central bank’s next moves, market participants are shifting their focus to upcoming labor data. The June ADP employment report to be releasing later today, followed by Thursday’s nonfarm payrolls, will offer critical insights into the U.S. job market and likely dictate the near-term direction for precious metals.

SILVER

COMEX Silver prices extended their losses and continued to trade below the mark of $60, at the level of $57.88, down by 1.09% from Tuesday’s close of $58.5105. The fall in prices are attributed to absence of permanent agreement between the US-Iran deal which may increase the inflationary concern over the month thus raising the concern of heightened interest rate. Strength in the dollar index is also weighing on the silver prices. However, if price sustains above the mark of $56, it may consolidate, before reaching for $61.

CRUDE

Oil prices have continued their steady slide, wiping out the recent conflict-driven spikes. Brent Crude is currently hovering near $73.25 a barrel, essentially returning to where it was before the latest round of friction began. For the past three days, prices haven’t moved much past that $73 mark as everyone is waiting to see what comes out of the peace talks between Washington and Tehran in Doha. The main goal of these negotiations is to cool things down around the Strait of Hormuz. While both sides are officially at the table trying to figure out a long-term truce, Iran is holding firm on its claim to monitor and control ship traffic through that vital choke point. The good news for global supply is that cargo ships are already breathing a sigh of relief. Oil tankers have started moving safely through the strait again, and shipping volumes are steadily climbing back to normal.

Copper

MCX copper prices have managed to respect the key support level of Rs1260, closing session at Rs1270, amid signs of stronger demand from China. Further, if copper sustains the current level of Rs1270, prices will get technical push towards the level of Rs1280.

COMMODITY LEVELS:

Evening Commodity Trading Guide 01^stJul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract continues to stabilize within an established consolidation band, keeping near-term sentiments in line with COMEX. Overhead supply clusters are creating a firm technical ceiling, leaving immediate resistance positioned at ₹1,43,500 – ₹1,45,500. On the lower boundary, vital structural cushions are holding between ₹1,42,000 – ₹1,40,500. Given the deeper value areas tested recently, we can expect short covering from lower levels but stay cautious, as an established trend reversal requires clear volume validation at range boundaries.

COMEX Gold (Spot): Spot gold has transitioned into a steady Sideways to Bullish Sentiment profile as immediate liquidation momentum exhausts itself and market participants build a constructive floor. This supportive range-bound structure leaves immediate technical resistance established near $4,060 – $4,100. Downside protective barriers remain firm for the time being, with key support levels identified near $4,000 – $3,960.

Overall View: Because the yellow metal is building a healthier foundational base, avoiding chasing overextended positions in the middle of the value band remains the most prudent path. Short-term momentum players should focus on clear risk-defined parameters near range extremes, looking for a confirmed breakout above local ceilings. For strategic portfolio builders, this stabilization phase represents a constructive window; long-term investors can consider buying in small amounts on every dip inside the core support bands to balance out their entry costs effectively.

Silver Technical Outlook

MCX Silver (Sept): The active September contract showcases a resilient consolidation structure on domestic charts, maintaining near-term sentiments in line with COMEX. Immediate counter-trend advances face a heavy wall of supply, leaving major technical resistance standing at ₹2,30,000 – ₹2,36,000. Conversely, dynamic safety nets for buyers remain well-entrenched, with support expected near ₹2,25,000 – ₹2,20,000. As prices stabilize inside key value fields, we can expect short covering from lower levels but stay cautious until a definitive breakout confirms sustained buying interest.

COMEX Silver (Spot): Spot silver is flashing a distinct Sideways to Bullish Sentiment as localized liquidation pressures cool off, allowing the white metal to form a reliable technical floor with an upward bias. Overhead technical resistance levels are currently placed at $59.50 – $62, acting as a near-term ceiling. On the downside, potential stabilizing zones are likely holding firm around major supports near $58.40 – $56.60.

Overall View: The white metal is currently content rotating within an established technical range with an accumulating bias, meaning patience and strict boundary discipline will yield the best risk-to-reward ratio. Shorter-term traders should protect trading capital by avoiding over-leveraged positions during intraday swings. On a macro level, this corrective phase offers a healthy entry window; long-term investors can consider buying in small amounts on every dip within the major demand pockets to smoothly accumulate quality structural exposure.

Natural Gas Technical Outlook

MCX Natural Gas (Jul): The domestic July contract continues to match global spot markers, moving cleanly in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹312 – ₹320. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹305 – ₹298. Technical studies indicate that the contract may see an Upmove after sustaining above the Resistance zone, which could attract fresh momentum buying.

NYMEX Natural Gas (Spot): Spot Natural Gas continues to navigate a Mixed Sentiment profile as fluctuating weather forecasts and changing storage metrics trigger an intense intraday tug-of-war. Upside momentum faces an immediate technical cap, with resistance standing at $3.25 – $3.30. On the lower boundary, pullbacks are being steadily caught by structural buyers, keeping key support levels well-entrenched between $3.18 – $3.13.

Overall View: The energy matrix is currently trapped in a choppy, range-bound pattern, suggesting a highly disciplined tactical approach until a clear breakout emerges. Because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Lock in partial profits at regular technical boundaries, manage position sizes strictly within risk limits, and use strict trailing stop-losses to hedge against swift, headline-driven reversals.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking the global trend, the domestic July contract showcases an exceptionally constructive chart profile. Short-term sellers are actively grouping near the immediate overhead resistance band at ₹365 – ₹372, while long-term demand forces are waiting to absorb price soft patches at the support floor of ₹359 – ₹354. Technical patterns indicate that the metal may see an Upmove after sustaining above the Resistance zone, signaling a clean validation of its broader structural trend.

COMEX Zinc (Spot): COMEX Zinc continues to march ahead with a firm Sideways to Bullish Sentiment, energized by persistent global supply constraints and robust physical spot market demand. The industrial metal is actively challenging upper milestones, with immediate overhead resistance standing at $3,535 – $3,580. On the flip side, seller dominance remains strictly limited, with key support levels firmly established between $3,480 – $3,440 to keep the uptrend intact.

Overall View: With the broader macro and micro elements lining up in favor of the bulls, accumulating long exposure on mild price pullbacks or breakout confirmations remains the dominant, high-probability strategy. However, because industrial commodities are highly sensitive to sudden logistics or macro shocks, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Lock in partial profits at regular intervals and ensure trailing stops are used effectively to shield capital against unexpected intraday reversals.

Commodities: Pivot Table

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