COMMODITY MARKET (27th July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with positive bias and are seen up by almost 1% at $4093 on COMEX. Yellow metal remains elevated, amid safe haven demand and buying at lower levels. Further US also suspended its strokes against Iran without any official announcement in response to which even Iran suspended its strike, which weighed on oil prices, thus providing support to the gold prices. Also investors are waiting FED’s interest decision due on 28-29 July.

SILVER

COMEX silver prices traded with positive bias and rose to the high of $60.0870. Softness in the dollar index, which is seen trading down by 0.26% at 101.2023, kept silver prices elevated along with safe haven demand. Further suspension of strikes by US and Iran against each other also provided support to the bullion prices, with oil prices taking a dive down. Brent crude has plunged below the mark of $90, thus fading away once again the inflationary pressure, just before FED interest decision due to be announced on 29 July,2026.

CRUDE

Brent crude prices dropped significantly, slipping below $90 and stabilizing around $87 a barrel after the U.S. paused airstrikes against Iran for a second straight night, soothing fears of Middle Eastern oil supply shocks following weeks of tension. However, further price declines were tempered by weekend strikes on Saudi Aramco’s Jizan and Yanbu port facilities on the Red Sea, claimed by Iran-aligned Houthi rebels in Yemen. Going forward, the market’s trajectory hinges heavily on ongoing discussions between Iran and Oman concerning navigation through the vital Strait of Hormuz chokepoint.

Copper

MCX copper prices failed to sustain the level of ₹1324.55, and settled at 1320.75, amid US-Iran tension. But Cooper prices could stay elevated in longer time amid supply disruption and exponential rise in demand amid rise in EV, AI and green energy.  However, with continuous rise in geopolitical tension along with fear of interest may keep the prices capped, thus falling below the level of ₹1324, could trigger further weakness towards the mark of ₹1310. Nonetheless, sustained trading above the mark of ₹1340, can push the prices towards the mark of ₹1368.

Commodity Levels:

Evening Commodity Trading Guide 27^th Jul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract shows near-term stabilization while keeping its overall sentiment in line with COMEX. Prices are trading near key overhead technical zones, positioning primary resistance at ₹1,44,500 – ₹1,45,500. On the lower boundary, dependable structural support is established between ₹1,43,400 – ₹1,42,200. Technical indicators suggest the contract may see Profit Booking from Higher levels, so be cautious near resistance levels. Nevertheless, for macro-focused allocators, long-term investors can consider buying in small amounts on every dip to progressively scale into strategic positions.

COMEX Gold (Spot): Spot gold continues to trade within a Mixed Sentiment pattern as market participants balance shifting macroeconomic headlines with currency dynamics. Immediate overhead supply pressure remains active near resistance at $4,120 – $4,170, while downside pullbacks are likely to find primary cushioning near key support levels at $4,060 – $4,020.

Overall View: Gold remains in a balanced consolidation range, making risk discipline paramount near upper boundary hurdles. Active short-term traders should avoid buying into extended rallies near resistance bands where profit-taking is likely. For long-term investors, interim price pullbacks down toward key support thresholds offer disciplined entry points for systematic accumulation.

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues to navigate a range-bound environment, keeping sentiments in line with COMEX. Recovery rallies are approaching key supply barriers, placing major technical resistance at ₹2,25,000 – ₹2,27,600. On the downside, primary demand cushioning is expected near ₹2,22,500 – ₹2,20,000. Dynamic chart setups signal that the market may see Profit Booking from Higher levels, so be cautious near resistance levels. Simultaneously, long-term investors can consider buying in small amounts on every dip inside major structural value zones.

COMEX Silver (Spot): Spot silver exhibits a Mixed Sentiment profile as industrial consumption forecasts realign with speculative positioning. The white metal faces immediate technical hurdles near resistance levels placed at $59.50 – $61, while base structural support is likely around $58.60 – $57.

Overall View: The silver complex remains bound within a broad technical channel, favoring level precision over chasing momentum mid-range. Traders should remain cautious near upper resistance zones due to the potential for quick profit-taking episodes. For patient long-term allocators, scaled purchases on minor pullbacks toward support floors remain an effective strategy to manage structural entry risk.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): The active August contract continues to move in line with International NYMEX Spot prices, displaying a weak baseline structure. Upside relief moves are encountering active selling interest, placing technical resistance at the ₹8,200 – ₹8,500 band. On the downside, primary structural support is located at ₹7,900 – ₹7,600. Given the defensive technical alignment, the default operational plan is to Sell on Rise. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil is trending with a clear Bearish Sentiment profile, weighed down by shifting demand prospects and inventory realignments. Near-term upside extensions face immediate resistance at $85 – $88, while key support levels are seen between $82 – $78.

Overall View: The broader crude oil complex remains tilted to the downside, making rallies toward resistance bands high-probability setups for sell-side allocation. However, given how rapidly headline risks and geopolitical news can trigger sudden, sharp market reversals, maintaining strict position limits and disciplined stop-loss rules is vital.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking global trend, the domestic July contract showcases a firm technical foundation. Upward advances are approaching key supply hurdles at ₹381 – ₹384, while strong underlying demand continues to hold the baseline support floor at ₹378.50 – ₹375.50. Given this constructive layout, the primary operational tactic is to Buy on dips. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc demonstrates a firm Bullish Sentiment trajectory, supported by healthy physical demand and steady global inventory movements. Technical resistance stands at $3,630 – $3,660, serving as the next key target for breakout buyers, while primary downside support levels are established between $3,600 – $3,580.

Overall View: Zinc continues to offer favorable setups for dip-buyers near core demand layers. Given the market’s heightened sensitivity to global supply developments and broader macroeconomic data, traders should stick to strict boundary execution and maintain disciplined risk management parameters.

Commodities: Pivot Table

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