COMMODITY MARKET (22nd Sep 2026)

Morning Commodity Market Snapshot

GOLD

Gold futures on the COMEX edged higher early Tuesday morning, trading at $4,358,up 0.34%, and maintaining its position above the key $4,350 threshold following a 0.79% decline in the previous session. The precious metal found support in falling crude oil prices, which slid toward $96 to help alleviate inflation fears. Additionally, ongoing weakness in the U.S. Dollar Index (hovers around 100.38) provided a tailwind for gold due to their inverse correlation. From a technical standpoint, gold needs to hold above $4,350 to sustain its upward momentum; failure to do so could lead to a consolidation phase within the $4,380–$4,400 range.

SILVER

Silver futures on the COMEX continue to hold above the critical $65 support mark, currently trading up 0.54% from the prior session’s close of $65.9820. Lower crude benchmarks, with WTI and Brent dropping below $100 to around $92 and $96 per barrel, are offering tailwinds to precious metals. However, further gains in silver remain capped due to ongoing diplomatic gridlock between the U.S. and Iran. Following statements from the U.S. envoy to the UN that the Trump administration remains focused on blocking Iranian nuclear capabilities while keeping talks open for good-faith negotiations, silver’s upward momentum may face ongoing volatility while crude lingers between $90 and $100 without a clear geopolitical resolution. Technically, if silver maintains support above $65, it could target $67–$69 in the near term; conversely, a breach below $64 could trigger a pull-back toward $62.

CRUDE

Brent Crude prices traded with flat momentum and had plunged to the mark of $96.93 at the early hours of the trading session on Tuesday with again of 0.50%, as prices found support at the crucial level of $95 and rebounded from the given level.Upside remain capped, as US envoy in United nation, did mention about their openness to negotiation and talk with Iran, provided they do it in good faith, but Mr. Trump is determined to ensure Iran never acquires Nuclear weapons. With the Strait of Hormuz still closed, oil prices continued to remain supported. Thus if prices fall sustain above the mark of $95, we can see prices plunging to the mark of $100.

Copper

Copper futures on the MCX successfully breached and held above the critical ₹1,400 benchmark, gaining upward traction to touch a peak of ₹1,419.90 before settling at ₹1,412.45. Underlying market fundamentals remain supportive, buoyed by refined copper tariffs introduced under the Trump administration. From a technical perspective, if prices can maintain their footing above ₹1,410, a retest of the ₹1,420 level is likely. Conversely, a slip below ₹1,409 could signal near-term weakness, dragging the metal back down toward the ₹1,400–₹1,385 support zone.

Evening Commodity Trading Guide 22^nd Sept 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract is experiencing near-term consolidation within a broader range, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,53,000 – ₹1,54,200, while the primary support zone lies between ₹1,51,500 – ₹1,50,000. Technical analysis indicates that weakness in prices can be seen but from lower levels buyers can be activated and we can see bounce but stay cautious. For long-term allocation strategy, long-term investors can consider buying in small amounts on every dip to construct core long-term allocations.

COMEX Gold (Spot): Spot gold displays a Sideways Sentiment profile as buying interest emerges near lower channel bounds. Immediate resistance is identified near $4,350 – $4,400, while key underlying support levels are seen near $4,300 – $4,240.

Overall View: Gold displays a sideways structure with room for low-level buying interest to emerge. Short-term traders should exercise caution near resistance, while long-term investors can continue utilizing pullbacks for gradual position accumulation.

Silver Technical Outlook

MCX Silver (Dec): Tracking international benchmark price action, the active December contract reflects temporary softness while holding near structural floors, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,39,500 – ₹2,43,000, with support expected near ₹2,37,000 – ₹2,35,000. Technical indicators suggest weakness in prices can be seen but from lower levels buyers can be activated and we can see bounce but stay cautious. Simultaneously, long-term investors can consider buying in small amounts on every dip to systematically accumulate core positions over time.

COMEX Silver (Spot): Spot silver carries a Sideways Sentiment structure. Overhead resistance levels are placed at $66 – $67.40, while key support buffers are likely established around $65 – $64.

Overall View: Silver maintains a range-bound layout where lower boundary retests may invite technical bounce-back interest. Strict risk control is advised while accumulating systematically on dips.

Crude Oil Technical Outlook

MCX Crude Oil (Oct): Trading in line with International NYMEX Spot prices, the contract remains under heavy selling pressure as downside continuation resumes. Technical resistance is positioned at ₹8,750 – ₹8,900, while immediate support rests between ₹8,520 – ₹8,380. Chart setups 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 exhibits a Bearish Sentiment profile as market fundamentals reflect overhead supply dominance. Resistance stands at $91.20 – $93.50, while key support levels are seen between $88.50 – $86.

Overall View: Crude oil maintains a clear bearish structure. A sustained breach below key support zones threatens to trigger extended price slides, making strict stop-loss adherence mandatory amid headline volatility.

Zinc Technical Outlook

MCX Zinc (Sept): Directly tracking global trend, the active September contract continues its strong upward trajectory. Technical resistance is positioned at ₹438 – ₹443.50, while primary 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 steady industrial demand parameters and tight physical market 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 dominant uptrend structure. Corrective pullbacks toward immediate support zones continue to offer favorable risk-reward entry opportunities for trend-following traders.

Commodities: Pivot Table

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