COMMODITY MARKET (26th Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with decisiveness but managed to sustain above the $4630 level 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. Further investors await US Core PCE price index data due to be released later in the evening alongside GDP Q/Q would also be released giving further cues about the US economy. Later in the week, Kevin Warsh’s speech in Jackson Hole Symposium would make further impact to the market. Also the market is eyeing on the treasury department’s decision on  to double liquidity-support buyback operations for longer-dated notes and bonds, that would only make dollars weak, thus supporting gold prices.

SILVER

COMEX silver prices extended their gains and are currently hovering near the mark of $69.Silver prices can further push the prices towards the $71, amid sustained trading above the key psychological level of $67. The silver prices are being supported by a weakening dollar index as a US treasure decision to double liquidity support buyback. 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 and GDP would  provide further direction to the market, that due to be released later in the evening. On the technical front, if Silver manages to breach the level of $71, it may strengthen to reach $74.

CRUDE

Even as fresh U.S. sanctions hit Iran, Brent crude dropped below $85 to hover around $84.66 per barrel. This downward trajectory is largely driven by diplomatic talks between Iran and Oman, who are working to set up an interim shipping lane through the Strait of Hormuz. Technical teams from both countries are currently refining plans for a permanent maritime agreement that will cover vessel tracking, security measures, administrative oversight, and joint information sharing.

Copper

MCX copper settled at 1397.60 gaining 0.97%. amid weaker dollar and skepticism over the buy back plan of Bond,keeping green back under pressure.Copper prices are expected to remain elevated amid supply disruption and rise in demand. Thus, If Copper prices sustains above the mark of ₹1400, can push the prices towards the mark of ₹1410/1415. However, falling below 1380, would trigger weakness to the level of 1375.

Evening Commodity Trading Guide 26^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract is currently displaying a balanced consolidation, keeping its sentiment in line with COMEX. Immediate technical resistance is positioned at ₹1,63,000 – ₹1,64,500, while a sturdy support zone lies between ₹1,61,200 – ₹1,60,000. Under this constructive framework, the primary trading directive remains Buy on Dips. For strategic portfolio construction, long-term investors can consider buying in small amounts on every dip to systematically build positions within core value regions.

COMEX Gold (Spot): Spot gold displays a Sideways to Bullish Sentiment profile as prices range near key technical thresholds. Immediate overhead resistance is identified near $4,650 – $4,700, while major underlying support levels are seen holding near $4,600 – $4,560.

Overall View: Gold maintains a broad upward bias within a short-term consolidation range. Market participants should utilize orderly pullbacks toward baseline support zones to execute risk-defined long setups rather than buying into overhead resistance bounds.

Silver Technical Outlook

MCX Silver (Sept): Tracking international price action, the active September contract continues to hold firm, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,45,000 – ₹2,48,500, with primary support expected near ₹2,40,500 – ₹2,37,500. With the broader chart structure 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 out core long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a Sideways to Bullish Sentiment profile. Key technical resistance hurdles are placed at $69 – $70, while primary support buffers are likely established around $68 – $67.

Overall View: Silver remains in a healthy accumulation band with a positive underlying bias. Traders should look for corrective pullbacks toward established support bands to enter continuation trades.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the contract remains under soft trading conditions. Overhead resistance is positioned at ₹7,750 – ₹7,950, while immediate support rests between ₹7,600 – ₹7,420. 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 Sideways to Bearish Sentiment structure as downside risks linger. Overhead resistance stands between $81.50 – $83.50, while key floor support levels are seen between $79.50 – $76.80.

Overall View: Crude oil maintains a defensive, sideways-to-bearish posture. Avoid aggressive long position building and monitor key support floors closely, as a decisive breakdown could invite fresh selling pressure.

Zinc Technical Outlook

MCX Zinc (Sept): Directly tracking global trend, the active August contract continues to show strong bullish momentum. Overhead technical resistance is positioned at ₹421 – ₹427, while primary support underpins price action between ₹415 – ₹408. Under this robust 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 persistent underlying physical demand. Technical resistance stands at $3,970 – $4,000, while key support levels are established between $3,910 – $3,865.

Overall View: Zinc retains a powerful upward trajectory. Corrective pullbacks into key support zones continue to present prime risk-reward entry opportunities for momentum continuation.

Commodities: Pivot Table

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