COMMODITY MARKET (23rd Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold weakened to around $3,986, amid severe downturn in tech and AI equities that forced investors to cash out of bullion to meet margin calls and absorb broader market losses. Surging crude oil prices above the mark of $108, added further downward pressure by stoking persistent inflation worries, reinforcing the view that central banks may keep borrowing costs higher for an extended period. At the same time, mounting skepticism over the viability of massive AI spending, a primary engine of recent U.S.economic momentum, has led market participants to dial back bets on additional Fed tightening, which could cushion the metal against steeper declines. Technically, gold must convincingly clear the $4,150 threshold to challenge the overhead resistance zone between $4,210 and $4,230. On the downside, failing to hold the critical $4,000 floor could trigger an intensified slide back toward the $3,980 mark.

SILVER

Early Friday trading saw COMEX silver fall roughly 0.88% to hover around $54, weighed down by escalating Middle East conflicts that drove crude oil toward $108. Selling pressure also intensified as a steep decline in technology and artificial intelligence equities led investors to cash out of precious metals to offset deficits elsewhere. From a technical standpoint, a daily close above the $58 resistance level could open the door for silver to challenge the $62 to $65 range in upcoming sessions. Conversely, holding below $55 risks sparking a deeper retreat toward $52 or $50.

CRUDE

Brent crude hovered near $113,amid heightened supply anxiety across the Middle East. Geopolitical risks intensified after Yemen-based, Iran-aligned Houthi forces claimed credit for strikes hitting Saudi Arabia’s Red Sea port in Yanbu, alongside fatal operations directed at an airfield and an oil installation within the top crude-exporting kingdom. Further fueling market caution, reports suggest that American and Israeli defense officials have outlined contingency plans for potential military strikes following next month’s midterm elections, with Iranian energy assets viewed as prime targets. Concurrently in Europe, Ukrainian forces stepped up strikes against Russian refining facilities over the past week, unfolding against the backdrop of an existing U.S.–Russia arrangement concerning diesel trade.Thus, sustained trading above $106.25, would push prices towards $115, only fall and closing below $105, could make oil prices weaker towards the mark of $100.

Copper

Copper futures amid higher inflation numbers and expectation of interest rate hike have pushed copper prices down by 1.99% to settle at 1362 amid increasing LME inventory by 8% on a week on week basis. From a technical perspective, if prices maintained the levels above ₹1365, the pathway opened for a retest of ₹1385/₹1390. But a fall below the mark of ₹1,365 might trigger a short-term pullback, falling into the ₹1350 support level.

Commodity Levels:

Evening Commodity Trading Guide 23^rd Oct 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract reflects an ongoing corrective posture, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,43,500 – ₹1,45,000, while the primary support zone lies between ₹1,41,800 – ₹1,40,500. Technical analysis indicates that gap-down open, trying a bit of recovery, but overall bearish tone, and prices sustaining below the 60,200 EMA and RSI also hovering around 50, showing a bit of stability, so we can expect a short-covering bounce, but prices can reject higher levels and fall, and if sustained below the support zone, we can expect more negative momentum continuing. For strategic long-term allocation, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions.

COMEX Gold (Spot): Spot gold displays a Bearish Sentiment profile as price action trades beneath immediate resistance barriers. Resistance is identified near $4,050 – $4,100, while key underlying support levels are seen near $3,990 – $3,940.

Overall View: Gold maintains an overall bearish tone beneath key exponential moving averages. While an RSI near 50 allows for potential short-covering bounces from lower support levels, overhead resistance rejection remains likely, and a breakdown below primary support zones would extend negative momentum. Strategic buyers can continue disciplined accumulation on dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face downside pressure, keeping sentiment in line with COMEX. Technical resistance stands at ₹1,98,000 – ₹2,02,000, with support expected near ₹1,93,000 – ₹1,90,000. Technical analysis suggests gap-down open, a bit of recovery is seem, but overall bearish tone as gold, and Prices sustaining below the 60,200 EMA and RSI also below 50, showing weakness, if prices sustained below the support zone, we can expect more negative momentum continuing. Simultaneously, long-term investors can consider buying in small amounts on every dip to build core long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a Bearish Sentiment setup. Overhead resistance levels are placed at $54.50 – $55.80, while support is likely established around $53.40 – $52.20.

Overall View: Silver maintains a distinct bearish technical framework. Positioned beneath key exponential moving averages and hampered by an RSI below 50, minor intraday recoveries are vulnerable to fresh selling pressure near resistance limits, requiring strict risk management for active swing trades.

Crude Oil Technical Outlook

MCX Crude Oil (Nov): Trading in line with International NYMEX Spot prices, the November contract displays robust positive momentum. Technical resistance is positioned at ₹9,700 – ₹9,850, while immediate support rests between ₹9,500 – ₹9,320. Technical analysis notes that continuing to show positivity, although yesterday we saw a fall from around 9500, but today from opening breached 9500 resistance and sustaining above 10,60,200 EMA, and RSI is holding above 60 mark as well, indicating a bit strength, so we can expect more positive movement if we breach the resistance zone. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Bullish Sentiment profile as upside momentum attempts to build above key moving averages. Resistance stands at $101.50 – $102.70, while key support levels are seen between $100 – $98.80.

Overall View: Crude oil continues to demonstrate underlying strength following a breach of resistance parameters. Sustaining above moving average clusters alongside a firm RSI above 60 supports further upside expansion upon clearing overhead resistance zones, though traders must maintain strict risk management given geopolitical volatility.

Zinc Technical Outlook

MCX Zinc (Oct): Directly tracking global trend, the active October contract experiences intraday recovery within a volatile technical framework. Technical resistance is positioned at ₹420 – ₹424, while key support underpins price action between ₹415 – ₹410. Technical analysis indicates seeing a volatile movement; first fell and took support near 410, and a V-shaped recovery is seen and now sustaining near the opening zone, indicating a positive tone. RSI also recovered from the oversold zone and is now hovering near 50, showing stability, so we can expect positive price movement to be sustained above the resistance zone. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc holds a Sideways to Bullish Sentiment profile as price action consolidates with an upward bias. Overhead resistance stands between $3,740 – $3,765, while key support levels are established between $3,680 – $3,650.

Overall View: Zinc demonstrates early positive stabilization following a V-shaped intraday recovery off key support levels. RSI recovery back to the 50 mark signals stabilizing price structure, where a decisive breach above immediate resistance boundaries could unlock continued positive momentum.

Commodities: Pivot Table

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