Morning Commodity Market Snapshot

GOLD

COMEX gold prices have plunged below the mark of $4000, and are currently hovering near the mark of $3975, hitting more than 7 month’s low. Amid firm dollar index, which continued to trade over 101, on the expectation of a rise in interest rate in the coming Fed meeting. Further markets expect 3 rate hikes in this year which is further weighing on the gold prices, as it is making gold less attractive , being a non yielding asset. If prices fall below the mark of $3950, then it may plunge towards 3915.

SILVER

COMEX Silver prices traded with similar undertone plunging below the mark of $61 and is currently hovering near the mark of $56, just respecting its next immediate support of $55, fall below the same would make silver weaker and slipping towards the level of $53-$51.Amid strength in dollar index on the expectation of 3 rate cut is pushing the silver prices lower. Further with no clear indication from the US-Iran front also continued to weigh on the white metal. The market is also waiting for the GDP Q/Q to be released today that would give further indication about the insight of US economic health.

CRUDE

Brent Crude prices continued to be under pressure and is currently trading near the mark of $72, sinking towards the pre war level prices, wiping all gains made since the US-Iran conflict started. The fall in crude oil prices is attributed to the expectation of long term agreement between US-Iran, that has also increased the movement of oil shipment through Strait of Hormuz. Also a temporary US waiver permitting purchases of already-loaded Iranian oil is expected to boost available supply, thus weighing on oil prices, which falls below the mark of $70, would towards the level of $67-$65.

Copper

MCX copper prices have plunged to the level of Rs1249, amid strong dollar, and weak demand from  the major consumer of Copper, i.e. China continued to weigh on the prices. Thus falling below the mark Rs1250, could make prices further weak towards the level of Rs1213.

COMMODITY LEVELS:

Evening Commodity Trading Guide 24^thJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract continues to face intensive distribution at upper levels, keeping its near-term sentiments in line with COMEX. Sellers remain firmly in control as local price adjustments continuously shift structural thresholds. Technical resistance is safely positioned at ₹1,42,500 – ₹1,44,000. On the lower end, the market is breaking down into major support corridors, with the key zone shifting between ₹1,43,000 – ₹1,41,500. Trend indicators confirm that weakness in prices may continue after breaching the support zones, warning tactical buyers against standing in front of this downward momentum.

COMEX Gold (Spot): Spot gold remains locked in a firm Bearish Sentiment profile, weighed down by a strengthening US dollar and shifting global interest rate expectations. Counter-trend relief rallies are running into a rigid overhead ceiling, leaving immediate resistance established near $4,000 – $4,050. On the downside, structural charts point to lower key support levels holding around $3,960 – $3,900.

Overall View: With short-term indicators tilted heavily lower, chasing intraday technical bounces carries an adverse risk-to-reward ratio. Shorter-term traders should wait for established baselining or high-volume reversal patterns before attempting new long entries. However, this deeper corrective structure remains constructive for multi-quarter accounts; long-term investors can consider buying in small amounts on every dip down into core demand bands to efficiently smooth their investment baseline.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract is enduring a sharp multi-session pullback, keeping its near-term sentiments in line with COMEX. Immediate counter-trend spikes are being actively used by sellers to deploy fresh supply, placing major technical resistance at ₹2,20,000 – ₹2,26,000. Conversely, dynamic safety nets for buyers have dropped deeper, with key support expected near ₹2,13,000 – ₹2,05,000. Chart setups indicate that weakness in prices may continue after breaching the support zones.

COMEX Silver (Spot): Spot silver is carrying a pronounced Bearish Sentiment as liquidations and softening industrial demand projections weigh on the white metal. Overhead technical resistance levels are heavily placed at $58 – $60.50, acting as a rigid cap on recovery attempts. On the lower end, potential stabilizing blocks are likely around the key support levels of $56.50 – $54.50.

Overall View: The path of least resistance across the silver complex points downward for the immediate horizon, emphasizing the need for strict boundary discipline and defensive capital allocation. Short-term traders should protect trading capital by avoiding premature bottom-fishing before a verifiable floor takes shape. For macro-focused portfolios, this corrective drop serves as a healthy reset; long-term investors can consider buying in small amounts on every dip inside major structural demand pockets.

Crude Oil Technical Outlook

MCX Crude Oil (Jul): The domestic July contract continues to match global spot markers, moving cleanly in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹6,680 – ₹6,800. On the lower boundary, the floor rests at ₹6,550 – ₹6,400. 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 entered a clear Bearish Sentiment phase as macro pressures and shifts in global inventory dynamics line up against the energy market. Relief rallies are running into a well-defined ceiling, with immediate resistance standing at $70.25 – $72.50 keeping buyers at bay. On the lower end, key support levels are seen between $69 – $67.30, which will serve as crucial lines of defense for bulls trying to stabilize the trend.

Overall View: The energy matrix exhibits deep near-term fatigue, but its volatile nature demands precise, objective boundary navigation. Because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Lock in partial profits at regular technical intervals, manage position sizes strictly within risk parameters, and use strict trailing stop-losses to hedge against sudden, headline-driven reversals.

Aluminium Technical Outlook

MCX Aluminium (Jun): The domestic June contract continues to face a defensive landscape, directly tracking the global trend. Overhead supply pools are heavily concentrated near the key resistance band of ₹333 – ₹342, keeping short-term buyers at bay. On the lower boundary, structural defense lines are shifting downward, with immediate support expected near ₹326 – ₹318. Trend formations confirm that weakness in prices may continue after breaching the support zones, necessitating clear confirmation before taking risk.

COMEX Aluminium (Spot): COMEX Aluminium is locked in a distinct Sideways to Bearish Sentiment block as market participants factor in slower near-term industrial consumption. The metal is navigating a soft patch, with immediate overhead resistance standing at $3,280 – $3,370. On the flip side, critical lines of structural demand are expected to offer support between $3,100 – $3,020.

Overall View: The base metals complex remains deeply sensitive to fluid macro conditions and physical logistics constraints, urging a protective stance. Chasing mid-range breakout setups carries an adverse risk-to-reward ratio. Traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Focus on executing trades precisely near major technical boundaries, maintain conservative position sizing, and keep trailing risk parameters tight to preserve capital.

Commodities: Pivot Table

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