Morning Commodity Market Snapshot

GOLD

COMEX gold prices are trading below the mark of $4100 ,and are currently trading down by 1.45% at the level of $4054.The fall in the prices is attributed to expectation of rate hike by Fed in the coming meetings. Further no clarity on the US-Iran settlement is also weighing on the prices. Prices have a support at around $4023, if prices failing to sustain this level, we can see gold falling towards the mark of $4000.

SILVER

COMEX Silver prices continued to trade with negative bias amid expectation of rate hike by Fed for at least 3 times. Thus silver prices are seen trading near its crucial support of $61, down by 0,69% on a daily basis. If prices fall below the mark of $61, then prices may plunge towards the next downside destination of $57, in near term. Further strength in dollar index is also weighing on the bullion prices.

CRUDE

Brent Crude prices continued to be under pressure and is currently trading near the mark of $76, despite no signs of 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 Rs1281.30 on Tuesday, falling below its crucial support level of Rs1390, with no sign of development in US-Iran talk, along with expectation of rate hike, continued to weigh on base metal prices. Thus, if prices fail to rise above the mark of Rs1280, then we could see Copper falling further towards the level of Rs1260.

COMMODITY LEVELS:

Evening Commodity Trading Guide 24^thJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract has entered a deeper defensive phase, keeping near-term sentiments in line with COMEX. The asset is experiencing aggressive distribution at higher levels, dragging structural boundaries lower. Overhead resistance is now tightly capped at ₹1,44,500 – ₹1,45,500, while the key floor to monitor sits between ₹1,43,000 – ₹1,41,500. Technical patterns confirm that weakness in prices may continue after breaching the support zones, so caution is highly warranted for near-term buyers.

COMEX Gold (Spot): Spot gold has transitioned into a firm Bearish Sentiment profile as macroeconomic tightening and localized liquidation pressures keep prices suppressed. Relieving spikes are facing rigid barriers, leaving immediate resistance near $4,100 – $4,150. Meanwhile, downside exposure remains vulnerable, with key support levels seen near $4,020 – $3,950.

Overall View: With the short-term indicators firmly favoring sellers, chasing intraday technical bounces carries an unfavorable risk-to-reward ratio. Traders should wait for clear baselining signals rather than fighting the current momentum. However, for strategic portfolio builders, this extended corrective structure offers an advantageous accumulation window; long-term investors can consider buying in small amounts on every dip inside major structural demand pockets to dollar-cost average their positions.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract continues its steep multi-session pullback, maintaining broader sentiments in line with COMEX. Counter-trend recovery attempts are running directly into a heavy wall of supply, positioning technical resistance across a wide band at ₹2,25,000 – ₹2,32,000. On the downside, dynamic safety nets have shifted lower, with support expected near ₹2,19,000 – ₹2,13,000. Charts indicate that weakness in prices may continue after breaching the support zones.

COMEX Silver (Spot): Spot silver is locked in an explicit Bearish Sentiment pattern as global industrial demand fears pair with tactical selling. The white metal faces severe overhead friction, with resistance levels placed at $60.80 – $63 acting as a strong lid. Conversely, key downside lines of defense are likely around $59 – $56.40.

Overall View: The path of least resistance for the silver complex remains tilted downward for the immediate horizon, making patience and strict boundary discipline 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 cleanly in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹6,900 – ₹7,250. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹6,500 – ₹6,200. Momentum studies show that weakness in prices may continue after breaching the support zones but overall be cautious, warning bulls against premature bottom-fishing.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has drifted into a temporary Bearish Sentiment 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 $73 – $76 keeping buyers at bay. On the lower end, key support levels are seen between $70 – $67, 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 volatile nature warrants readiness for rapid, headline-driven swings. 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, sudden 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 ₹336 – ₹347. On the downside, the key structural floors are expected to anchor between ₹328 – ₹318. 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 $3,200 – $3,280. Downside safety nets have shifted lower, with key support levels now seen holding between $3,120 – $3,040.

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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