COMMODITY MARKET (21st Sep 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with positive to flat bias but have been trading successfully above the  mark of $4350 at the level of $4364. With oil prices falling below the mark of $100, gold prices remain supported with expectation of cooling inflation along with chances of interest rate hike. Fall in crude oil prices are attributed to signals of increased diplomatic efforts to resolve the Middle East conflict and restore energy transportation from the region.Thus, on technical front, yellow metal must trade above the mark of $4350, for further rally else prices can go in consolidation range of $4380-$4400.

SILVER

COMEX silver prices  continued to respect the crucial support level of $65 and are currently trading with a gain of 0.21 % from previous close of 66.22.Fall in WTI and Brent crude prices to $93 and $97, respectively, is supporting the white metal prices. Further sign of  diplomatic talk in the middle east to ease crude oil prices is also supporting the silver prices, amid probability of cooling of inflation. Further with President Trump hinting at being open to talk with the Iranian president on the side line of the UN general assembly, this week is opening the chances to some positivity in the US-Iran war conflict that could further pressure oil prices and keep silver prices supported. Thus, if prices manage to breach the mark of $65, the next target for the silver would be $67-$69, in the short term.

CRUDE

Brent Crude prices traded with negative momentum and had plunged to the mark of $97 at the early hours of the trading session on Monday, with chances of diplomatic talk in the week, between US president and Iran president that  could help coming up with the solution between stand US-Iran conflict, that could ease the transportation issue of Crude oil through of Strait of Hormuz and Red sea. Thus if prices fall below the mark of $95, we can see prices plunging to the mark of $90.

Copper

MCX copper prices managed to pull itself above the mark of ₹1400, a crucial level, a sustained trading above this would provide support to the base metal to achieve the higher target of 1410. Positive fundamentals, like tariffs on refined copper imposed by Trump kept the copper prices elevated. Thus, If Copper prices continue to trade above the mark of ₹1400, can push the prices towards the mark of ₹1410. However, falling below the mark of  ₹1400, would trigger weakness to the level of ₹1385.

Commodity Levels:

Evening Commodity Trading Guide 21^st Sept 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract demonstrates steady positive traction, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,55,000 – ₹1,56,000, while the key support zone lies between ₹1,53,000 – ₹1,52,000. Chart setups indicate the market may see an upmove after sustaining above the resistance zone. For long-term allocation strategy, long-term investors can consider buying in small amounts on every dip to accumulate core holdings over time.

COMEX Gold (Spot): Spot gold maintains a Sideways to Bullish Sentiment profile as buying interest continues to defend key downside floors. Immediate resistance is identified near $4,400 – $4,450, while key underlying support levels are seen near $4,340 – $4,280.

Overall View: Gold displays a constructive technical layout. A decisive move above immediate resistance can unlock additional upside momentum, while strategic investors can continue taking advantage of orderly pullbacks.

Silver Technical Outlook

MCX Silver (Dec): Tracking international benchmark price strength, the active December contract maintains an upbeat bias, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,42,500 – ₹2,45,000, with support expected near ₹2,40,000 – ₹2,37,500. Technical analysis indicates the contract may see an upmove after sustaining above the resistance zone. Concurrently, long-term investors can consider buying in small amounts on every dip to build long-term exposure.

COMEX Silver (Spot): Spot silver exhibits a Sideways to Bullish Sentiment structure. Resistance levels are placed at $67 – $68.50, while primary supports are likely established around $65.80 – $64.

Overall View: Silver continues to consolidate within a bullish-leaning structure. Breaching key overhead resistance will likely trigger further buying extension, supporting a buy-on-dips approach for long-term positions.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the contract reflects softer momentum and remains under downside pressure. Technical resistance is positioned at ₹9,050 – ₹9,200, while immediate support rests between ₹8,900 – ₹8,700. Chart indicators suggest weakness in prices may continue after breaching the support zone. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Sideways to Bearish Sentiment profile as market fundamentals face near-term overhead supply. Resistance stands at $95 – $98, while key support levels are seen between $92.50 – $90.

Overall View: Crude oil shifts toward a cautious to bearish structure. A confirmed breakdown below primary support zones may accelerate near-term selling, requiring strict risk management across tactical positions.

Zinc Technical Outlook

MCX Zinc (Sept): Directly tracking global trend, the active September contract extends its strong upward trajectory. Technical resistance is positioned at ₹438 – ₹443.50, while strong support underpins price action between ₹433 – ₹427.50. Under this firm trend framework, the core tactical stance 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 Bullish Sentiment profile, supported by tight physical supply conditions. Overhead resistance stands between $3,960 – $4,000, while key support levels are established between $3,900 – $3,860.

Overall View: Zinc retains its strong bullish momentum. Corrective pullbacks toward primary support boundaries continue to present optimal risk-reward entry opportunities for trend-following strategies.

Commodities: Pivot Table

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