COMMODITY MARKET (23rd July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded above the mark of $4100 and is near the level of $4126. Yellow metal remains elevated, amid safe haven demand and buying at lower levels. Though markets remain cautious before the US central bank decision on interest rate due for July 28-July 29.Further geopolitical tension continue to eclipse the upside in the gold prices, with Iran backed Houthi claims of attack on two Saudi tankers at Red sea bringing back the tension in the border and supply disruption back, thus pushing the oil prices above the mark of $90.

SILVER

COMEX silver prices traded with positive bias and rose to the high of $60.9290, but prices couldn’t sustain the high, and is currently trading near the mark of $59.72. With Softness in the dollar index, silver prices kept elevated along with safe haven demand. But upside in the silver prices remain capped, amid ongoing geopolitical tension with no solution yet in the middle east region amid US-Iran war, rather Iran backed Houthi continued to strike Saudi Tankers at the Red sea, bringing the oil prices up to the mark of $90, thus putting pressure on silver prices. 

CRUDE

Oil prices have risen today as Brent Crude is trading above the mark of $90 at  $91.81 per barrel, aggravated by warfare in the Middle East. Crude oil prices continued to surge 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. Further Houthi continued its attack on the red sea claiming 2 Saudi Tankers have been attacked. If international pressure push Brent past the $95 limit, prices are estimated to return to the three figure mark around $101.

Copper

MCX copper prices failed to sustain the level of ₹1346.55, and settled at 1336.70. Copper prices could stay elevated in longer time in the middle of supply chain bottleneck and surging demand , rise in EV, AI and green energy. According to the recent reports Chile has halted various mines and ports. However, with continuous rise in geopolitical tension along with fear of interest may keep the prices capped, thus falling below the level of ₹1324, could trigger further weakness towards the mark of ₹1310. Nonetheless, sustained trading above the mark of ₹1340, can drive the prices towards the mark of ₹1368.

Evening Commodity Trading Guide 23^rd Jul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract displays a consolidation pattern, aligning its near-term sentiment in line with COMEX. Recovery attempts continue to face distribution near upper technical bounds, marking primary resistance at ₹1,44,500 – ₹1,46,000. On the downside, the key structural buffer is located between ₹1,43,000 – ₹1,41,500. Technical setups indicate that weakness in prices may continue after breaching the support zone, so traders should proceed with caution. Meanwhile, long-term investors can consider buying in small amounts on every dip to steadily build structural long-term allocations.

COMEX Gold (Spot): Spot gold retains a Sideways Sentiment profile, balancing between shifting geopolitical headlines and currency fluctuations. Dynamic overhead resistance is positioned near $4,100 – $4,140, while vital defensive support levels remain intact around $4,040 – $4,000.

Overall View: With gold bound inside a range, taking aggressive positions in the middle of the corridor carries poor risk-reward symmetry. Active traders should prioritize execution at the outer boundaries, strictly honoring support triggers. For macro-focused portfolios, interim price pullbacks lower overall entry risk; long-term accumulators can take advantage of dips to scale in systematically.

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues to navigate a sideways structure, keeping sentiments in line with COMEX. Upside momentum encounters a notable supply layer at ₹2,23,500 – ₹2,26,000, while initial demand cushioning is expected near ₹2,20,500 – ₹2,18,000. Technical indicators warn that weakness in prices may continue after breaching the support zone, making strict risk parameters essential. However, long-term investors can consider buying in small amounts on every dip to accumulate value over time.

COMEX Silver (Spot): Spot silver carries a defined Sideways Sentiment tag as broader physical demand expectations realign with speculative positioning. The metal faces immediate technical resistance at $59 – $61, while base structural supports are firmly established near $57.50 – $56.

Overall View: The silver market remains locked in a range-bound structure, where patience and level precision are required. Traders should avoid chasing momentum mid-range and instead wait for price action near core support levels. Long-term investors can continue building core positions through measured additions on pullbacks.

Crude Oil Technical Outlook

MCX Crude Oil (Jul): Trading cleanly in line with International NYMEX Spot prices, the domestic July contract maintains an aggressive bullish trajectory. Dip-buyers continue to defend pullbacks actively, placing key support at ₹8,650 – ₹8,400. On the upside, overhead technical resistance stands higher at ₹8,900 – ₹9,120. Under this technical configuration, the primary trading strategy 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 exhibits a strong Bullish Sentiment profile, driven by supply-side risk premiums and global energy market dynamics. Overhead resistance stands at $91.50 – $95, marking the next critical upside zone. Downside retracements are well-supported, with key support levels seen between $88.50 – $85.

Overall View: Crude oil’s underlying structure favors long trades on minor price pullbacks toward established support zones. That said, given how quickly headlines can impact energy markets, strict position-sizing discipline and mandatory stop-losses are critical to managing risk effectively.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking the global trend, the domestic July contract maintains a strong bullish market framework. Upward continuation remains intact, with structural support established at ₹383 – ₹377.50, while immediate overhead resistance is positioned at ₹387 – ₹393. Given the constructive technical layout, the preferred operational strategy is to Buy on dips. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

COMEX Zinc (Spot): COMEX Zinc continues to hold a firm Bullish Sentiment bias, supported by steady industrial demand and favorable inventory movements. Key resistance is marked at $3,620 – $3,660, while primary downside support levels are established between $3,590 – $3,540.

Overall View: Zinc continues to present a favorable environment for buying on dips near primary support boundaries. Given broader market sensitivity to macroeconomic headlines and global supply factors, strict risk management and conservative exposure remain essential.

Commodities: Pivot Table

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