COMMODITY MARKET (21st July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with positive bias and managed to pull itself above the key psychological level of $4000.However, gold prices are still eclipsed by US-Iran war ,as it has entered 10th consecutive day of strike by US on Iran. Further worsening the situation is the Iran-backed Houthi militants which announced a maritime embargo against Saudi Arabia, yet again raising concerns over energy shipments through the Red Sea. The situation has intensified pushing crude oil prices above the mark of $85, bringing  back the inflationary fears. But constant buying of gold by the central bank continued to provide support to the bullion prices.

SILVER

COMEX silver prices traded with positive bias and traded above the mark of $55, near the level of $56.68. Prices found support at the level of $55, and has managed to pull itself above the key level to trade above $56. The positivity in the silver prices are being capped by fear of inflation amid rising crude oil prices above $85, due to intensifying US-Iran war situation. This has led to expectation of elevated interest rates, as the meeting is due on July 28-29. . However, if silver manages to sustain above the level of $55, it may reach $58.

CRUDE

Due to  intensifying Middle East conflicts, with the US continuing its strike against Iran for the 10th consecutive time, Brent Crude prices surged above $85 today to reach $87.13 per barrel.  The surge in prices continued as the US made fresh strikes on Iran targeting their developing nuclear sites.  Further reports are also suggesting Trump is adamant towards further strikes and taking over of Kharg’s island, which could further intensify the situation and take the oil prices towards $90.

Copper

MCX copper prices managed to sustain above the₹1300 mark and settled the day at ₹1314.50, amid supply concern and surging demand.. But intensifying the US-Iran war limited the surge in copper prices. But the long term story for copper remains positive with supply disruption and exponential rise in demand amid rise in EV, AI and green energy. As per the latest reports Chile has disrupted several mines and ports. Major mines like Antofagasta reported that first-half copper production fell 9.5% to 285,000 tones due to weaker output at two key mines.

Evening Commodity Trading Guide 21^st Jul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract shows steady technical stabilization, keeping its overall sentiment in line with COMEX. Fresh buying interest is keeping prices buoyed above lower support bands, though overhead supply caps immediate gains with resistance positioned at ₹1,43,000 – ₹1,44,000. On the lower end, a well-defined support zone lies between ₹1,42,000 – ₹1,40,800. Under this supportive framework, the primary operational approach is to Buy on Dips. Moreover, long-term investors can consider buying in small amounts on every dip to steadily build structural long exposure.

COMEX Gold (Spot): Spot gold displays a Mixed Sentiment profile as market participants weigh competing macroeconomic triggers and currency swings. Intraday advances continue to run into technical selling near immediate resistance at $4,080 – $4,120. Conversely, downside corrections remain well-buffered, with key support levels seen near $4,040 – $4,000.

Overall View: With gold transitioning into a balanced consolidation phase, tactical entries near key demand boundaries offer favorable risk-reward setups. Short-term traders should look for pullbacks toward support thresholds to initiate long positions, while maintaining strict stop-loss parameters. Long-term buyers should take advantage of intraday corrections to systematically accumulate positions.

Silver Technical Outlook

MCX Silver (Sept): The domestic September contract exhibits robust underlying support, keeping near-term sentiments in line with COMEX. Momentum buyers continue to defend lower floors, placing overhead resistance at ₹2,25,000 – ₹2,28,000. On the downside, solid demand is expected near the support zone of ₹2,21,500 – ₹2,18,000. In line with this positive momentum backdrop, traders can look to Buy on Dips, while long-term investors can consider buying in small amounts on every dip to construct core positions over time.

COMEX Silver (Spot): Spot silver is carrying a Mixed Sentiment tag as short-term traders balance industrial consumption outlooks with fluctuating speculative flows. Overhead technical barriers are placed at $59.50 – $61.50, while downside pullbacks are likely to find floor support around $58 – $56.

Overall View: The white metal remains well-positioned for dip-buyers as structural support zones hold firm against broader market noise. While high intraday swings remain a feature of silver trading, patient execution near lower range boundaries provides high-probability entry points for both tactical swing traders and long-term accumulators.

Natural Gas Technical Outlook

MCX Natural Gas (Jul): Trading cleanly in line with International NYMEX Spot prices, the domestic July contract maintains a defensive posture. Relief rallies are encountering steady supply distribution near the resistance band of ₹280 – ₹287, while downside targets lie near primary support at ₹273 – ₹268. Given the weak technical backdrop, the primary operational tactic is to Sell on Rise. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Natural Gas (Spot): Spot natural gas continues to trade with a Sideways to Bearish Sentiment bias, influenced by elevated storage levels and shifting demand projections. Technical recovery attempts remain capped by resistance standing at $2.85 – $2.95, while key support levels are seen between $2.80 – $2.70.

Overall View: The natural gas market remains tilted toward the sell side on upside bounces. Traders should focus on executing sell-on-rise strategies near key resistance hurdles while keeping tight stop-losses, as geopolitical headlines can spark sudden short-covering spikes.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking the global trend, the domestic July contract maintains an encouraging market structure. Upward momentum is approaching immediate resistance at ₹379.50 – ₹382, while solid physical buying continues to defend the downside support zone between ₹375 – ₹372. Under this constructive framework, the primary trading strategy is to Buy on dips. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

COMEX Zinc (Spot): COMEX Zinc continues to hold a Sideways to Bullish Sentiment trajectory, supported by healthy physical supply-demand dynamics. Technical upside targets are capped by resistance standing at $3,590 – $3,630, while key support levels are firmly established between $3,540 – $3,490.

Overall View: Zinc maintains a favorable bias for buyers on dips, providing reliable trading opportunities near key support baselines. Given the broader macro volatility and geopolitical sensitivity, strict risk management and conservative position sizing remain essential.

Commodities: Pivot Table

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