Morning Commodity Market Snapshot

GOLD

COMEX gold prices are seen trading with stability near the level of $4191, amid easing inflationary pressure as Crude oil prices have slipped below the mark of $80,amid the signs of progress in peace talk between US-Iran. Adding further positivity in the market, is Us issuing 60 days license o Iran to sell oil, that is further an development that is expected to increase oil supply in the market, thus putting pressure on oil prices and aiding Gold prices gain momentum. On the technical front, if gold prices manage to sustain above the mark of $4200, then it would reach $4260 in the short term.

SILVER

COMEX Silver prices are seen trading near its psychological level of $65, and is expected to further gain momentum amid progress in peace talk between US-Iran. Further activity through Strait of Hormuz is also seen increasing thus putting pressure on oil prices, and reducing the risk of inflation. Also other oil producing countries like Kuwait, and UAE are finding alternatives to export oil, meanwhile Iran has already shipped more than 30 million barrels of oil last week. Thus with fall in the risk of inflation, with agreement in place, which is yet to be signed, silver prices if sustains above the mark of $65, then it would further reach for the next upside destination of $71.

CRUDE

Brent Crude prices  continued to be under pressure and is currently trading near the mark of $77,, with signs of positive development in talks between US-Iran in Switzerland. Further Washington has issued 60 days licenses to Iran to export oil, which is expected to further increase oil supply in the market with countries like UAE and Kuwait also finding alternatives to export oil. Thus, if prices fall below the mark of $76, then Brent could further plunge towards the level of $74.

Copper

MCX copper prices closed at Rs1315.30 on Monday, maintaining itself above the support level of Rs1305. Further positive development in US-Iran talk also supported the upside in the prices. However, the strength in the copper prices will only be cemented if prices manages to pull itself above the embark of R1324 and sustain trading above the level, would provide cushion to copper prices to reach for next upside destination of Rs1349.

COMMODITY LEVELS:

Evening Commodity Trading Guide 23^rdJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract has turned increasingly defensive, keeping its short-term sentiments in line with COMEX. The market is experiencing a notable cooling-off period as upper price limits encounter steady supply. Overhead resistance is now tightly positioned at ₹1,47,000 – ₹1,48,400, while the critical structural support zone below rests between ₹1,45,600 – ₹1,44,200. Given the shift in near-term momentum, weakness in prices may continue after breaching the support zones, making it essential to monitor downside triggers closely.

COMEX Gold (Spot): Spot gold has transitioned into a clear Sideways to Bearish Sentiment as macro pressures weigh down near-term expectations. Recovery attempts are running into a firmly established technical ceiling, with immediate resistance near $4,150 – $4,200 actively keeping buyers on the defensive. On the flip side, major lines of defense to anchor the broader trend are seen holding near the key support levels of $4,100 – $4,050.

Overall View: With short-term indicators leaning structurally lower, chasing sudden intraday bounces into prominent supply blocks carries an adverse risk-to-reward ratio. Boundary discipline is key. However, this corrective drop continues to lay down a solid baseline for patient, long-form portfolio building; long-term investors can consider buying in small amounts on every dip down into primary structural demand bands to optimize their entry costs effectively over time.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract is enduring a persistent momentum pullback, tracking its broader sentiments in line with COMEX. Immediate counter-trend rallies face an established wall of supply, leaving major technical resistance standing at ₹2,30,000 – ₹2,36,000. Conversely, dynamic safety nets for underlying buyers are expected lower down near ₹2,25,000 – ₹2,18,000. Traders should exercise patience at temporary spikes, since weakness in prices may continue after breaching the support zones.

COMEX Silver (Spot): Spot silver is flashing a distinct Sideways to Bearish Sentiment as short-term liquidation trends pressure the white metal. Overhead technical resistance levels are heavily placed at $63 – $65, acting as a rigid cap on recovery attempts. On the downside, potential stabilizing zones are likely around the key support levels of $61.50 – $59.

Overall View: The path of least resistance for the silver complex remains tilted downward for the immediate horizon, meaning tactical boundary discipline and strict confirmation are vital. Short-term traders should protect trading capital by avoiding premature bottom-fishing before values baseline. For macro-focused accounts, this corrective phase remains fundamentally healthy; long-term investors can consider buying in small amounts on every dip inside core demand pockets to smoothly accumulate exposure.

Crude Oil Technical Outlook

MCX Crude Oil (Jul): The domestic July contract continues to mirror global parameters, moving safely in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹7,100 – ₹7,300. On the lower boundary, the floor rests at ₹6,900 – ₹6,725. Charts indicate that weakness in price may continue, but in the oversold zone, we expect short covering in a shorter frame; however, overall be cautious as underlying trend stabilities remain fragile.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has drifted into a temporary 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 $74.50 – $76 keeping buyers at bay. On the lower end, key support levels are seen near $73 – $71.50, which will serve as crucial lines of defense for bulls trying to stabilize the trend.

Overall View: The complex exhibits deep near-term fatigue, but its oversold status warrants readiness for rapid, short-lived short-covering rallies. However, because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Lock in partial profits at regular technical boundaries, manage position sizes strictly within risk limits, 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 highly defensive position, closely tracking the global trend. Overhead supply remains heavy, positioning technical resistance across a wide band at ₹352 – ₹364. On the downside, the key structural floors are expected to anchor between ₹343 – ₹330. Momentum setups indicate that weakness in prices may continue after breaching the support zones, warning bulls against aggressive bottom-fishing.

COMEX Aluminium (Spot): Spot aluminium has broken down into a definitive Bearish Sentiment profile as near-term industrial demand metrics and broader macro pressures check the metal’s upside. Relief rallies are hitting immediate technical ceilings, with resistance standing at $3,300 – $3,350. Downside safety nets have shifted lower, with key support levels now seen holding between $3,220 – $3,160.

Overall View: With short-term indicators leaning structurally 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 breakdown structures 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 to protect trading capital.

Commodities: Pivot Table

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