COMMODITY MARKET (20th Aug 2026)

Commodity Levels:

Evening Commodity Trading Guide 20^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The active October contract is experiencing upper-level profit taking, keeping its sentiment in line with COMEX. Overhead technical resistance is positioned at ₹1,58,500 – ₹1,60,000, while a key support zone rests between ₹1,57,000 – ₹1,56,000. Chart setups indicate seeing some profit booking from higher levels but can bounce from lower levels but be cautious. Meanwhile, for strategic portfolio positioning, long-term investors can consider buying in small amounts on every dip to systematically build long-term holdings.

COMEX Gold (Spot): Spot gold displays a Sideways Sentiment structure as prices trade inside a defined consolidation channel. Immediate technical resistance stands near $4,500 – $4,550, while key baseline support is marked near $4,450 – $4,400.

Overall View: Gold remains structurally solid despite short-term profit-taking near resistance. Active traders should exercise patience and seek bounce entries near baseline support limits rather than buying at extended highs.

Silver Technical Outlook

MCX Silver (Sept): Tracking global consolidation patterns, the active September contract exhibits a cautious momentum profile, keeping sentiments in line with COMEX. Resistance is positioned at ₹2,39,000 – ₹2,42,000, while support is expected near ₹2,35,500 – ₹2,31,500. Technical indicators point to seeing some profit booking from higher levels but can bounce from lower levels but be cautious. Simultaneously, long-term investors can consider buying in small amounts on every dip to construct core allocations.

COMEX Silver (Spot): Spot silver carries a Sideways Sentiment pattern. Overhead resistance levels are placed at $66.60 – $67.50, while downside support buffers are likely established around $65.60 – $64.30.

Overall View: Silver continues to digest recent gains within horizontal parameters. Tactical buyers should look for stabilization near primary support bands before committing to risk-defined long setups.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the active September contract is demonstrating strong upward momentum. Immediate technical resistance is identified at ₹8,500 – ₹8,700, with primary support holding firm between ₹8,250 – ₹8,050. Technical projections indicate 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 exhibits a high-conviction Bullish Sentiment profile driven by expanding geopolitical risk premiums. Overhead resistance stands at $88 – $90, while key support levels are established between $86 – $84.

Overall View: The crude oil complex is favoring buyers on breakout continuation plays above immediate resistance hurdles. Strict stop-loss management remains vital due to rapid news-driven price swings.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking global trend, the active August contract continues to show strong underlying demand dynamics. Overhead technical resistance is positioned at ₹402.50 – ₹406, while primary support holds between ₹398 – ₹394. Under this constructive chart configuration, the core tactical approach is Buy on Dips. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc displays a Sideways to Bullish Sentiment profile, supported by steady physical demand metrics. Technical resistance stands at $3,760 – $3,800, while key support levels are holding between $3,720 – $3,650.

Overall View: Zinc maintains a well-supported bullish posture. Tactical dips toward immediate support zones continue to offer favorable risk-reward entry opportunities for long positions.

Commodities: Pivot Table

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