COMMODITY MARKET (24th Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded positive and continues to strengthen for the fourth consecutive trading session and is currently hovering at the mark of $4651.90, amid high volatility being witnessed in the bond and currency market. With the Safe Haven appeal of gold, investors seem to be moving towards the bullion, which is keeping the gold prices elevated. Rising US debt and its management along with fiscal sustainability as Treasury unexpectedly ramped up buybacks of longer-dated government debt, which brought the yield down for 30 year bonds. Also, Treasury Secretary Scott Bessent has signaled for further buying  back of bonds to bring the borrowing cost down which are at the highest levels in years. On the technical front sustained trading for gold above $4650, could trigger prices for $4774.

SILVER

COMEX silver prices extended their gains and are currently hovering near the mark of $69. Thus sustained trading above the key psychological level of $67, can further push the prices towards the $71. The silver prices are being supported by lower bond yield weakening dollar index. Further investors will keep an eye on Kevin Warsh’s speech to be delivered at the Jackson Hole symposium, due on 27-29 August also on Core PCE price index due to be released on Wednesday. On the technical front, if Silver manages to breach the level of $71, it may strengthen to reach $74..

CRUDE

Brent Crude oil prices traded with negative bias and are currently trading down by 1.65% , yet hovering near the mark of $91. This fall in prices are attributed to profit booking at higher levels also investors are staying cautious ahead of sanction against Iran which is to be announced later in the day.US Treasury Secretary Scott Bessent , termed the sanction as the toughest in the history that could lead to economic isolation and make Iran and other trading partners to compliance. This is expected to further tighten the oil supply which is already dwelling under pressure amid transportation disruption in the Strait of Hormuz.

Copper

MCX copper gained 1% to settle at 1385.30, amid fall in inventory along with supply disruption and rise in demand of EV, Solar energy, AI data centres. Further copper prices also remain elevated amid weaker dollar and skepticism over the buy back plan of Bond,keeping green back under pressure.. Thus, If Copper prices sustains above the mark of ₹1380, can push the prices towards the mark of ₹1390. However, falling below 1360, would trigger weakness to the level of 1348.

Commodity Levels:

Evening Commodity Trading Guide 24^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract continues to trade with elevated momentum, keeping its sentiment in line with COMEX. Overhead technical resistance is positioned at ₹1,64,500 – ₹1,66,300, while a solid underlying support zone lies between ₹1,63,000 – ₹1,61,000. Under this strongly bullish framework, the primary trading directive remains Buy on Dips. For strategic portfolio building, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions within core value regions.

COMEX Gold (Spot): Spot gold displays a Bullish Sentiment profile as prices test fresh higher territory. Immediate technical resistance is identified near $4,700 – $4,770, while major underlying support levels are seen holding near $4,620 – $4,550.

Overall View: Gold maintains a strong upward trajectory. Market participants should utilize orderly pullbacks toward established support zones to structure risk-defined long entries rather than chasing breakouts at immediate resistance limits.

Silver Technical Outlook

MCX Silver (Sept): Tracking international momentum, the active September contract maintains a solid chart structure, keeping sentiment in line with COMEX. Overhead technical resistance stands at ₹2,48,000 – ₹2,52,000, with primary support expected near ₹2,45,000 – ₹2,40,000. With the broader chart pattern favoring buyers, the tactical directive remains Buy on Dips. Simultaneously, long-term investors can consider buying in small amounts on every dip to construct core long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a firm Bullish Sentiment profile. Technical resistance hurdles are placed at $70 – $72, while primary support buffers are likely established around $68.40 – $66.50.

Overall View: Silver retains a positive bullish momentum profile. Traders should look for corrective dips toward primary support bands to execute long continuation setups.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the contract is showing signs of downside pressure. Overhead resistance is positioned at ₹8,250 – ₹8,400, while immediate support rests between ₹8,100 – ₹7,900. Technical analysis indicates that 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 Crude Oil (Spot): Spot Crude Oil exhibits a Sideways Bearish Sentiment structure as downside momentum builds. Overhead resistance stands between $86 – $88, while key support levels are established at $84.20 – $81.50.

Overall View: Crude oil has shifted to a cautious sideways-to-bearish stance. Avoid aggressive long entries near resistance and watch key support limits closely, as a breach could trigger further downside acceleration.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking global trend, the active August contract continues to show strong underlying demand dynamics. Overhead technical resistance is positioned at ₹415 – ₹422, while primary support holds between ₹411 – ₹405. Under this bullish setup, the core tactical approach remains Buy on Dips. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc maintains a high-conviction Bullish Sentiment profile driven by steady demand parameters. Overhead resistance stands at $3,850 – $3,900, while key support levels hold between $3,820 – $3,770.

Overall View: Zinc retains a powerful bullish posture. Technical pullbacks into key support zones continue to offer favorable risk-reward entry opportunities.

Commodities: Pivot Table

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