COMMODITY MARKET (22nd 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 $4100 and currently trading near the level of $4128, up by 1.44%. Yellow metal managed to sustain above the crucial level of $4100 despite rising crude oil prices and yet no conclusion over the US-Iran war. Upside may remain capped, as Trump  downplayed the chances of near-term talks with Iran and warned of additional strikes, lifting oil prices. However, investors are keenly awaiting Fed’s decision on interest rate, that would clear the direction for gold. As the market has already digested the impact of the prolonged US-Iran war that started in the last days of February 2026.

SILVER

COMEX silver prices traded with positive bias and traded above the mark of $57, near the level of $59.86. Prices found support at the level of $55, and has managed to pull itself above the key level to trade above $57. The positivity in the silver prices may remain capped by fear of inflation amid rising crude oil prices which is hovering near the mark of $89, due to intensifying US-Iran war situation, with Trump downplaying chances of Talk with Iran and insisting on continuous strikes against Iran. However, if silver manages to sustain above the level of $57, it may reach $61.

CRUDE

Oil prices spiked today as Brent Crude briefly hit $89.98 per barrel, fueled by worsening conflicts in the Middle East and renewed U.S. airstrikes targeting Iran’s nuclear facilities. Market instability grew after President Donald Trump downplayed potential diplomatic talks, warning Tehran of further military action and vowing to protect Red Sea shipping lanes from Iranian-backed Houthi attacks. If geopolitical pressures push Brent past the $95 threshold, prices are projected to re-enter triple-digit territory around $101.

Copper

MCX copper prices managed to sustain above the₹1324 mark and settled the day at ₹1340, 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 tonnes due to weaker output at two key mines. Sustained trading above the mark of ₹1340, can push the prices towards the mark of ₹1368.

COMMODITY UPDATE:

Evening Commodity Trading Guide 22^nd Jul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract retains a strong foundational structure, aligning its short-term sentiment in line with COMEX. Strong buying interest continues to cushion corrections near lower floor boundaries, placing key support between ₹1,44,000 – ₹1,42,500. On the upside, overhead supply remains active around the resistance band of ₹1,45,400 – ₹1,47,000. The contract may see an Up move after sustaining above the resistance zone, confirming fresh bullish momentum. In the meantime, long-term investors can consider buying in small amounts on every dip to progressively build structural allocations.

COMEX Gold (Spot): Spot gold maintains a positive Sideways to Bullish Sentiment as macro conditions and ongoing currency fluctuations continue to favor buyers on pullbacks. Key upside hurdles are marked by immediate resistance near $4,140 – $4,200. On the lower end, key support levels are seen near $4,100 – $4,040, serving as strong defensive zones against deeper selling pressure.

Overall View: The broader gold framework leans constructive, making dip-buying the preferred tactic near established support boundaries. Traders should monitor price behavior around the $4,200 / ₹1,47,000 resistance barriers—a sustained close above these levels could trigger a secondary momentum expansion. Long-term accumulators should utilize interim price pullbacks to build core positions efficiently.

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues to trade inside a stable consolidation band, keeping its sentiments in line with COMEX. Major technical resistance stands firm at ₹2,26,500 – ₹2,29,000, while downside pullbacks are well-anchored by the support zone expected near ₹2,24,000 – ₹2,20,500. Chart setups indicate the market may see an Up move after sustaining above the resistance zone. For strategic accumulators, long-term investors can consider buying in small amounts on every dip inside primary demand zones.

COMEX Silver (Spot): Spot silver exhibits a balanced Sideways to Bullish Sentiment profile as industrial demand expectations stabilize alongside speculative interest. Near-term price advances are capped by resistance levels placed at $60 – $62, while downside support is likely around $58.50 – $56.50.

Overall View: Silver remains bound within a well-defined technical range, rewarding patience and level execution. Active traders should avoid chasing momentum within the middle of the corridor and focus on entries near the lower band or wait for a decisive breakout above $62 / ₹2,29,000. Long-term investors can continue scaling in on dips to manage structural positioning.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): Trading cleanly in line with International NYMEX Spot prices, the domestic July contract exhibits strong bullish momentum. Buyers are aggressively stepping in on pullbacks, establishing strong support at ₹8,350 – ₹8,100, while technical resistance is positioned higher at ₹8,550 – ₹8,800. Under this underlying framework, the primary tactical execution model remains Buy on Dips. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot crude oil continues to ride a clean Bullish Sentiment wave, backed by physical supply constraints and elevated global risk premiums. Near-term upside extensions face immediate resistance at $88.50 – $91.50. Conversely, key support levels are seen between $86 – $83, providing a solid structural floor against aggressive selling attempts.

Overall View: Crude oil maintains a distinctly bullish market layout, favoring long trades on localized price dips. However, given how rapidly geopolitical news flows can disrupt price trends, strict risk control, modest position sizing, and mandatory stop-losses are critical to capital preservation.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking global trend, the domestic July contract maintains an encouraging bullish setup. Higher lows continue to be established on intraday charts, pinning dynamic support at ₹381 – ₹377.50, while overhead resistance is situated at ₹384 – ₹387.50. The preferred operational stance is to Buy on dips near key support boundaries. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

COMEX Zinc (Spot): COMEX Zinc demonstrates a firm Bullish Sentiment profile, driven by steady physical demand metrics and favorable global inventory movements. Overhead resistance stands at $3,600 – $3,640, marking the next critical breakout threshold. Downside retracements remain well-supported, with key support levels seen between $3,560 – $3,520.

Overall View: Zinc remains well-aligned for bullish continuation on price dips, making support-zone buying a high-probability strategy. Given broader market sensitivity to global trade and geopolitical headline news, traders must maintain disciplined trade execution and tight stop-loss protection.

Commodities: Pivot Table

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