COMMODITY MARKET (25th Sep 2026)

Morning Commodity Market Snapshot

GOLD

Gold futures on the COMEX is trading with negative bias and has plunged below its crucial level of 44300 a, and is currently hovering near the mark of $4284. Fall in prices are attributed to stronger dollar, higher for longer rates, after two of the FEd policymakers talked about another interest rate hike may be required for this unpredictable rise in prices which is keeping inflation above the target of 2%. Thus, if gold prices plunge below the mark of $4280, we may see gold prices getting weak for $24230.

SILVER

Silver futures on the COMEX prices are trading below the mark of $64 and are seen at $63.89. Rising crude oil prices yet again above the level of $95, bringing back inflationary concern. Further cementing the fact of interest rate hike, was speech form two fed officials, who showed the primary concern of inflation being above the threshold of 2%, thus one more hike may be thereon the card. As per the probability of 67% rate hike in october meeting weighed heavily on prices.Further strength on dollar index and rising bond yield also weighed on the prices. Fall below the mark of $63, would trigger further weakness in the prices towards the mark of $61.

CRUDE

Brent Crude traded with a flat to negative bias early Friday morning, holding around $98.66 after rebounding off key support at $95. The recovery comes as US and Iranian negotiators explore a deal to ease US sanctions and lift naval blockades on tankers in the Strait of Hormuz, potentially restoring Persian Gulf exports. Looking ahead, if prices break back above $100, the rally could extend toward $105.

Copper

MCX copper futures cleared and sustained momentum past the pivotal ₹1,400 mark, climbing to a high of ₹1,419.90. The rally continues to draw strength from solid demand driver, boosted by new tariffs on refined copper enacted by the Trump administration. On the charts, holding above ₹1,410 keeps a move back toward ₹1,420 within reach. However, dropping under ₹1,409 could spark a brief retreat, driving prices lower toward support between ₹1,400 and ₹1,385.

Commodity Levels:

Evening Commodity Trading Guide 25^th Sept 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract shows positive underlying momentum following a bounce from lower support, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,52,500 – ₹1,54,000, while the primary support zone lies between ₹1,51,000 – ₹1,49,800. Technical analysis indicates that a bounce from lower levels is seen so it can continue if it breaches higher resistance levels. For long-term allocation, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions.

COMEX Gold (Spot): Spot gold maintains a Sideways Sentiment profile as price consolidation holds above lower channel boundaries. Immediate resistance is identified near $4,320 – $4,360, while key underlying support levels are seen near $4,280 – $4,240.

Overall View: Gold exhibits a steady range-bound setup with improving underlying structure. A decisive breakout above immediate resistance can unlock further upward momentum, while scaling in on pullbacks remains ideal for long-term investors.

Silver Technical Outlook

MCX Silver (Dec): Following international benchmark price action, the active December contract shows signs of stabilization near support, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,38,000 – ₹2,42,000, with support expected near ₹2,35,000 – ₹2,32,000. Chart setups suggest a bounce from lower levels is seen so it can continue if it breaches higher resistance levels. Concurrently, long-term investors can consider buying in small amounts on every dip to construct core long-term allocations over time.

COMEX Silver (Spot): Spot silver exhibits a Sideways Sentiment structure. Resistance levels are placed at $65.60 – $67.50, while key support buffers are likely established around $64 – $62.

Overall View: Silver maintains a mixed technical bias with responsive buying emerging near lower boundaries. Breaching primary overhead resistance will confirm a broader recovery trend, supporting a disciplined buy-on-dips approach.

Crude Oil Technical Outlook

MCX Crude Oil (Oct): Trading in line with International NYMEX Spot prices, the October contract remains subject to range-bound dynamics with capped upside. Technical resistance is positioned at ₹9,050 – ₹9,300, while immediate support rests between ₹8,750 – ₹8,500. Chart setups indicate selling pressure may arise at higher levels and bounce can be seen from support levels. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Sideways to Bearish Sentiment profile as market fundamentals continue to weigh on rallies. Resistance stands at $94 – $96.50, while key support levels are seen between $92 – $89.

Overall View: Crude oil operates within a two-way tactical range. Rallies toward upper resistance thresholds face potential selling pressure, while lower support levels may trigger technical bounces, requiring strict risk management due to geopolitical risks.

Zinc Technical Outlook

MCX Zinc (Oct): Directly tracking global trend, the active October contract experiences minor near-term consolidation within a broader constructive framework. Technical resistance is positioned at ₹430 – ₹435, while key support underpins price action between ₹423 – ₹418. Technical analysis indicates weakness is seen but bounce can come from lower levels. 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, supported by solid physical market fundamentals. Overhead resistance stands between $3,980 – $4,040, while key support levels are established between $3,900 – $3,850.

Overall View: Zinc retains a generally positive structure despite minor short-term weakness. Pullbacks toward support boundaries offer attractive risk-reward entry zones for value-seeking traders.

Commodities: Pivot Table

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