COMMODITY MARKET (1st September 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with positive bias managed to pull itself above the crucial level of $4450 and is currently hovering with a gain of 0.24% near $4457, amid bargain buying from the lower levels. Further, with the US treasury department planning to double the buyback of the band, is also going to support the bunion prices, as this will lead to fall in dollar index and bond yield. Both of the instruments have an inverse relationship with gold prices. But investors will keep eye on key economic numbers , like ISM manufacturing PMI and JOLTS job openings due to be released today, that will give insight on the US economy and cues about interest rate, which has the 65% probability of  rate hike in September. Technically if prices sustains above the mark of $4450, we may see yellow metal reaching the upside destination of $4580.

SILVER

COMEX silver prices continue to hover near the mark of $66.78 and are up by 0.37% on a daily basis, amid bargain buying from lower levels . But upside in the silver prices remain limited amid the hawkish tone of Kevin Warsh in the Jackson Hole Symposium, which has increased the probability of interest rate hike in September to 65%, sharply higher from 35% of probability before the speech. Further with Brent crude trading above the mark of $90, is also weighing on the silver prices, with the US-Iran war getting intensified. Also, if prices manage to trade above $67, we may see silver prices gaining momentum to reach $71.

CRUDE

Brent prices again seems to be nearing the $90, amid tension between US and Iran. As per the reports, US military targeted Iranian rocket launchers which were preparing to deploy mines into the Strait of Hormuz, marking the first such attack, after their last attack in July. On the brighter side, reports indicated that oil tankers from UAE, Saudi Arabia, Kuwait, and Iraq , flowing through Hormuz despite the absence of a peace agreement between US and Iran. Thus if prices manage to reach $91, in Brent we may see the level of $95, sooner, however failing to do so would take prices towards $88.

COPPER

MCX copper failed to sustain the level of 1390, and fell by 0.12% amid concern about rising interest rate in the month of September. But copper prices are expected to remain elevated amid supply disruption and rise in demand. Thus, If Copper prices sustains above the mark of ₹1400, can push the prices towards the mark of ₹1410/1415. However, falling below 1380, would trigger weakness to the level of 1375.

Evening Commodity Trading Guide 01^st Sept 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract continues to trade under near-term consolidation pressure, keeping its sentiment in line with COMEX. Immediate technical resistance is positioned at ₹1,53,500 – ₹1,55,500, while the key support zone lies between ₹1,52,000 – ₹1,50,500. Technical indicators suggest weakness is seen, but a short covering from lower levels but stay cautious. For strategic asset placement, long-term investors can consider buying in small amounts on every dip to systematically build core value positions over time.

COMEX Gold (Spot): Spot gold exhibits a Sideways to Bearish Sentiment profile as upside momentum consolidates near key overhead hurdles. Immediate resistance is identified near $4,400 – $4,450, while key floor support levels are seen holding near $4,350 – $4,300.

Overall View: Gold remains in a corrective phase within its structural range. While value buyers and long-term accumulators can utilize dips toward support floors, tactical short-term traders should maintain defined risk controls.

Silver Technical Outlook

MCX Silver (Dec): Tracking global price developments, the active September contract continues its pull-back structure, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,38,000 – ₹2,43,000, with primary support expected near ₹2,35,000 – ₹2,30,500. Chart indicators suggest weakness is seen but can see a short covering from lower levels but stay cautious. Concurrently, long-term investors can consider buying in small amounts on every dip to construct long-term allocations.

COMEX Silver (Spot): Spot silver carries a Sideways to Bearish Sentiment profile. Overhead resistance levels are placed at $65.50 – $67, while primary support buffers are likely established around $64.20 – $62.50.

Overall View: Silver continues to consolidate within a broad accumulation channel. Watch for stabilization signals near lower support zones for short-covering rebounds.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the contract is attempting a recovery move off lower demand levels. Technical resistance is positioned at ₹8,400 – ₹8,550, while immediate support rests between ₹8,250 – ₹8,100. Chart analysis indicates 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 Crude Oil (Spot): Spot Crude Oil exhibits a Sideways to Bullish Sentiment structure as market dynamics lend underlying support. Overhead resistance stands at $88.50 – $90, while key support levels are seen between $87 – $85.20.

Overall View: Crude oil demonstrates improving near-term strength. A sustained close above immediate resistance could signal further upside expansion, though tight risk limits remain essential due to headline risks.

Zinc Technical Outlook

MCX Zinc (Sept): Directly tracking global trend, the active September contract continues to display resilient buying interest near technical key levels. Overhead resistance is positioned at ₹422 – ₹428, while primary support underpins price action between ₹416 – ₹411. Under this favorable setup, the main tactical guideline 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 Sideways to Bullish Sentiment profile, driven by steady physical demand fundamentals. Overhead resistance stands between $3,980 – $4,040, while key support levels are established between $3,900 – $3,850.

Overall View: Zinc maintains a constructive bullish posture. Tactical dips toward primary support bands continue to offer solid risk-reward entry opportunities for continuation trades.

Commodities: Pivot Table

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