COMMODITY MARKET (21st Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded positive and continues to strengthen for the third consecutive trading session and is currently hovering near the mark of $4533 amid high volatility being witnessed in the bond and currency market. With the Safe Haven appeal of gold, investors seem to be moving towards the bullion, which is keeping the gold prices elevated. Also with US-Iran not reaching any conclusion and oil prices continuing to rise higher is also getting the inflationary risk concern in the market. Further continued gold buying from China also supported the upside in the gold prices. Further sustained trading above $4550, would further push the gold prices towards $4600.

SILVER

COMEX silver prices extended their gains and are currently hovering near the mark of $68. Thus sustained trading above the key psychological level o f$67, can further push the prices towards the $71. The silver prices are being supported by lower bond yield weakening dollar index. However, the only hindrance in the upside is the surging oil prices,which has once again crossed the mark of $90 in Brent. Further investors will keep an eye on Kevin Warsh’s speech to be delivered at the Jackson Hole symposium, due on 27-29 August. On the technical front , if Silver manages to breach the level of $65, it may strengthen to reach $67.

CRUDE

Brent Crude oil prices traded with positive bias and are currently hovering near the mark of $90. If, prices are sustaining above the mark of $90, and is approaching its upside destination of $93. With new sanctions in place and no conclusion between US-Iran. Oil prices continued to rise amid closure of Strait of Hormuz that has been disrupting the supply route of oil since February.Also US is moving to isolate Iran’s economy President Trump describing it as an “economic D-day,” with details to be followed on the upcoming Monday.Thus, oil prices may again see the triple digit number on chart, if stricter the sanctions are in place with against Iran. 

Copper

MCX copper fell by 0.03% to settle at 1371.70. despite fall in inventory along with supply disruption and rise in demand of EV, Solar energy, AI data centres.  Further fall in refined copper production in China for the second consecutive month is expected to provide a cushion to the copper prices. Thus, If Copper prices sustains above the mark of ₹1360, can push the prices towards the mark of ₹1380. However, falling below 1360, would trigger weakness to the level of 1348.

Commodity Levels:

Evening Commodity Trading Guide 21^st Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The active October contract continues its robust upward movement, keeping its sentiment in line with COMEX. Overhead technical resistance is positioned at ₹1,63,000 – ₹1,65,500, while a primary support zone lies between ₹1,59,500 – ₹1,56,500. Under this strongly bullish chart configuration, the primary trading directive remains Buy on Dips. For strategic portfolio building, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions within value regions.

COMEX Gold (Spot): Spot gold displays a Bullish Sentiment profile as prices push higher into unchartered technical territory. Immediate overhead resistance is identified near $4,600 – $4,650, while key underlying support levels are established near $4,560 – $4,510.

Overall View: Gold maintains a strong bullish posture. Market participants should look to utilize orderly pullbacks toward established baseline support levels to enter risk-defined long positions.

Silver Technical Outlook

MCX Silver (Sept): Tracking international momentum, the active September contract exhibits strong buying interest, keeping sentiments in line with COMEX. Overhead technical resistance stands at ₹2,48,000 – ₹2,52,000, with major underlying support expected near ₹2,45,000 – ₹2,42,000. With the broader chart pattern strongly favoring buyers, the tactical guidance remains Buy on Dips. Simultaneously, long-term investors can consider buying in small amounts on every dip to construct core long-term allocations.

COMEX Silver (Spot): Spot silver carries a firm Bullish Sentiment profile. Key technical resistance hurdles are placed at $70.50 – $73, while immediate downside support buffers are likely established around $68.50 – $66.

Overall View: Silver retains a powerful upward trajectory. Traders should focus on accumulating during short-term corrective dips toward primary support bands.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the contract maintains strong upside momentum toward overhead targets. Immediate technical resistance is identified at ₹8,400 – ₹8,600, with primary support holding firm between ₹8,220 – ₹8,000. Technical analysis highlights that prices may see an up move 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 maintains a strong Bullish Sentiment profile driven by persistent geopolitical risk premiums. Overhead resistance stands between $88 – $90, while key baseline support levels are seen holding at $86 – $84.

Overall View: Crude oil remains biased to the upside. Look for confirmed breakout continuation above key resistance zones while enforcing strict risk controls to navigate news-driven volatility.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking global trend, the active August contract continues its strong upward momentum. Overhead technical resistance is positioned at ₹408 – ₹411, while underlying support holds firm between ₹405 – ₹402. The core tactical directive remains Buy on Dips. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc displays a high-conviction Bullish Sentiment profile supported by steady physical demand dynamics. Overhead resistance stands at $3,840 – $3,880, while key support levels are established between $3,800 – $3,760.

Overall View: Zinc retains a firm bullish trend structure. Corrective dips into immediate support zones offer favorable risk-reward entry points for momentum plays.

Commodities: Pivot Table

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