Morning Commodity Market Snapshot

GOLD

COMEX gold prices are seen trading with negative bias  and are currently trading at the level of $4188.92, above the crucial support of $4150. The gold prices remained under pressure, as Both US and Iran, again exchanged some heat over the matter of Lebanon, and with Iran again announcing the closure of Strait of Hormuz. But downside in gold prices remain capped , as  millions of barrels of crude continued to pass through the waterway over the weekend, and increase of oil production by persian gulf producers pressure oil prices thus keeping gold downside in check.

SILVER

COMEX Silver prices are seen extending trading near the level of $65, at the wee hours of threading session on Monday, with no clarity in peace deal along with Iran announcing closure of Strait of Hormiz. But downside remain limited with continuous all in crude oil prices, which remain below the mark of $80. However, investors remain cautious ahead of key economic numbers to be released like the Core PCE price index.

CRUDE

Brent Crude prices continued to trade within below the mark of $80, at the level of $78 amid signs of progress in ongoing peace talks between the US and Iran. As per the statement released by Pakistan and Qatar, which are acting mediator in the peace deal agreement reported that Both the countries, US and Iran have agreed to a roadmap aimed at securing a final agreement within 60 days. However, clarity on the peace deal are not yet there, as the deal is yet to be signed as, President has against threatened Iran on fresh strikes if Hezbollah continues attacking Israel and warned Tehran against closing the Strait of Hormuz again.

Copper

MCX copper prices closed at Rs1309.60 on Thursday. Downside in the prices are weighed amid expectation of rise in interest rate by FED in the later part of the year along with confusion o n the peace deal between US and Iran, which is not yet signed , as Trump has threatened Iran of Fresh Strikes, if Hezbollah continues to attack Israel. On the technical front, if prices fall below the mark of Rs1300, it may further all towards the level of Rs1290.

COMMODITY LEVELS:

Evening Commodity Trading Guide 22^ndJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract has experienced an initial cooling-off phase, tracking short-term sentiments in line with COMEX. Overhead resistance is positioned at ₹1,50,000 – ₹1,52,000, while the critical support zone below rests between ₹1,48,200 – ₹1,46,000. The contract is currently seeing a bounce from lower levels, so technically, if it sustains above the resistance zone, we can see an up move for a shorter frame; however, the overall profile remains a bit bearish.

COMEX Gold (Spot): Spot gold continues to rotate in a Mixed Sentiment profile as market participants navigate opposing macroeconomic indicators and fluctuating spot demand. This non-directional behavior leaves immediate technical resistance established near $4,230 – $4,280. Downside risks appear well-insulated for the moment, with key support levels holding reliably near $4,175 – $4,120.

Overall View: Because the short-term indicators are signaling a minor defensive tilt despite localized relief rallies, chasing sudden price spikes without confirmation carries an unfavorable risk-to-reward ratio. Shorter-term traders should practice boundary discipline and prioritize short-duration setups. For strategic portfolio builders, this corrective phase offers an optimal entry window; long-term investors can consider buying in small amounts on every dip inside the core demand pockets to steadily accumulate quality exposure.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract is navigating a similar structural pullback, keeping near-term sentiments in line with COMEX. Immediate recovery hurdles place technical resistance at ₹2,40,000 – ₹2,46,000, while structural safety nets are expected near the support zone of ₹2,36,500 – ₹2,30,000. The chart is seeing a bounce from lower levels, so technically, if it sustains above the resistance zone, we can see an upmove for a shorter frame; however, the overall posture remains a bit bearish.

COMEX Silver (Spot): Spot silver has drifted into a clear Sideways to Bearish Sentiment as short-term liquidation trends cap immediate upside. Relief rallies are running into a well-defined ceiling, with resistance levels placed at $67.20 – $69 keeping buyers on the defensive. On the downside, primary structural stabilizing zones are likely around $65.50 – $63.

Overall View: With the broader momentum leaning structurally lower, maintaining rigid risk parameters and avoiding over-leveraged long positions during intraday swings is vital. Short-term traders should wait for localized base formation before committing fresh capital. On a macro level, this consolidation phase represents a healthy long-term value correction; long-term investors can consider buying in small amounts on every dip within the major demand zones to average out entry costs effectively.

Crude Oil Technical Outlook

MCX Crude Oil (Jul): The domestic July contract continues to match global spot markers, moving cleanly in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹7,250 – ₹7,400. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹7,100 – ₹6,920. Momentum studies show that weakness in prices may continue after breaching the support zone, warning bulls against premature bottom-fishing.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has entered a clear Sideways to Bearish Sentiment phase as macro pressures and shifts in momentum line up against the energy market. Relief rallies are running into a well-defined ceiling, with immediate resistance standing at $76.20 – $78.20 keeping buyers at bay. On the lower end, key support levels are seen near $74.80 – $72.80, which serve as crucial lines of defense for bulls trying to stabilize the trend.

Overall View: The path of least resistance for the energy complex remains defensive for the immediate horizon, meaning tactical boundary discipline and strict confirmation are vital. Shorter-term traders should exercise patience and avoid premature bottom-fishing before values baseline. Because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Lock in partial profits at regular technical boundaries and use strict trailing stop-losses to hedge against swift, headline-driven reversals.

Aluminium Technical Outlook

MCX Aluminium (Jun): The domestic June contract has dropped into a defensive consolidation block, closely tracking the global trend. Overhead supply remains heavy, positioning technical resistance at ₹364 – ₹370. On the downside, the demand floor is expected to anchor between ₹355 – ₹350. While the chart shows that weakness in prices is still there, we can expect a bounce from lower support levels where structural buyers are waiting to absorb localized pullbacks.

COMEX Aluminium (Spot): Spot aluminium has drifted into a Sideways to Bearish Sentiment profile as near-term industrial demand metrics and broader macro pressures temporarily check the metal’s upside. Relief rallies are hitting immediate technical ceilings, with resistance standing at $3,420 – $3,460. Downside safety nets remain intact for now, with key support levels seen holding between $3,380 – $3,330.

Overall View: With short-term indicators leaning slightly lower, chasing sudden intraday bounces carries an adverse risk-to-reward ratio. Shorter-term traders should prioritize strict boundary discipline near range extremes, capitalizing on support-level bounces while managing risk tightly. Because industrial commodities are highly sensitive to shifting logistics and global economic updates, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Keep position sizes conservative and ensure trailing stops are used effectively.

Commodities: Pivot Table

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