COMMODITY MARKET (25th Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded positive and continues to strengthen for the fifth consecutive trading session and is currently hovering at the mark of $4677.70, amid high volatility being witnessed in the bond and currency market. Also US government intervention in the bond market revived debasement trade fuelling the gold rally and pushing it above  the level of $4650.The US Treasury Department announced an expansion of its buyback program for long-dated government debt, to contain rising borrowing costs, also flagging an upcoming longer-term fiscal plan. This may be a temporary plan, what is further giving support to the market is the weak dollar index, inflationary concern, an US debt crisis.

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 a weakening dollar index. Also 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 are holding steady around $91 per barrel, showing little immediate reaction to new U.S. sanctions targeting Iran. U.S. Treasury Secretary Scott Bessent outlined plans to penalize foreign nations that trade with Iran, while President Donald Trump warned these countries would face strict deadlines to cut ties or suffer unilateral penalties. However, escalating Middle East tension continues to be the real risk to energy supply routes. Recent attacks, including a disabled oil tanker off Oman’s coast and a Houthi missile strike on a Saudi supertanker in the Red Sea, are increasing security risks, which could push up the war risk premium for crude oil.

COPPER

MCX copper settled at 1384.15 Copper prices remain elevated 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. But sudden rise in LME inventory after continuous 42 days of draw down limited the upside in the metal. Thus, If Copper prices sustains above the mark of ₹1380, can push the prices towards the mark of ₹1390/1400. However, falling below 1360, would trigger weakness to the level of 1348.

Commodity Levels:

Evening Commodity Trading Guide 25^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract maintains a firm underlying structure, keeping its sentiment in line with COMEX. Immediate technical resistance is positioned at ₹1,64,000 – ₹1,66,000, while a solid support zone lies between ₹1,62,500 – ₹1,60,500. Under this constructive chart framework, the primary trading strategy 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 trade near elevated territory. Immediate overhead resistance is identified near $4,675 – $4,730, while major underlying support levels are established near $4,600 – $4,550.

Overall View: Gold retains a strong upward trajectory. Market participants should utilize orderly pullbacks toward baseline support zones to execute risk-defined long setups rather than chasing entries at immediate resistance limits.

Silver Technical Outlook

MCX Silver (Sept): Tracking international momentum, the active September contract continues its stable path, keeping sentiment in line with COMEX. Technical resistance stands at ₹2,45,000 – ₹2,48,700, with primary support expected near ₹2,40,500 – ₹2,37,000. With the broader chart pattern favoring long-side momentum, the tactical guidance remains Buy on Dips. 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 Bullish Sentiment profile. Key technical resistance hurdles are placed at $68.70 – $70, while primary support buffers are likely established around $67.50 – $65.50.

Overall View: Silver maintains a well-supported bullish posture. Traders should look for corrective dips toward established support bands to enter long continuation setups.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the contract is experiencing downside pressure. Overhead resistance is positioned at ₹8,000 – ₹8,200, while immediate support rests between ₹7,800 – ₹7,650. 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 carries a Bearish Sentiment structure as supply risks ease in the short term. Overhead resistance stands between $83 – $85, while key support levels are established at $81.50 – $80.

Overall View: Crude oil has shifted to a weak technical stance. Avoid aggressive long entries near resistance zones and monitor key floor levels closely, as breaking below key support could invite further selling pressure.

Zinc Technical Outlook

MCX Zinc (Sept): Directly tracking global trend, the active August contract continues to demonstrate strong buying interest. Overhead technical resistance is positioned at ₹410 – ₹415, while primary support underpins the price action between ₹404 – ₹400. 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 holds a firm Bullish Sentiment profile, supported by steady industrial demand dynamics. Technical resistance stands at $3,870 – $3,900, while key support levels are established between $3,835 – $3,800.

Overall View: Zinc retains a powerful bullish trend. Corrective pullbacks into key support zones continue to present favorable risk-reward entry opportunities for continuation plays.

Commodities: Pivot Table

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