COMMODITY MARKET (28th July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with negative bias and slipped below the mark of$4100, before the Fed meeting due on 28-29 July. Investors stayed cautious ahead of the interest rate decision ,which is mostly expected to stay unchanged. However, the downside in gold prices are expected to remain capped, as US and Iran are reported to be in talk to end the Middle east tension, that has pushed Brent crude  prices near the mark of $85 and WTI near $85. Softness in dollar index and 10 year bond yield is also expected to cushion the fall in the yellow metal prices.

SILVER

COMEX silver prices traded with negative bias amid profit booking at higher levels before the interest decision by Fed due on 29 July, as investors stayed cautious. Interest is highly expected to stay unchanged for this meeting as crude oil prices continue to soften and have reached the mark of $85 and $81, for Brent and WTI, respectively. But down sile in silver may be limited with US-Iran going in for talk talk to end the Middle east tension. However, Mr. Trump did warn against reigniting the war situation if the talks between both the countries break down.

CRUDE

Brent crude prices dropped significantly, slipping below $87 and stabilizing around $85 a barrel, as US-Iran agreed for a “good talk”  to end the Middle East tension. If the situation between US-Iran normalizes, bringing back stability in the Middle East would mean normal transportation of crude oil, thus weighing on the price, which can further slip towards the mark of $80, if it continues to sustain below the mark of $85. Also on the other hand Iran and Oman met to secure agreement to restore passage of ships through the strait of Hormuz .Further alternate route Caspian Pipeline Consortium terminal on Russia’s Black Sea coast, resumed operation which was disrupted by Ukrainian drone attack in the Ukraine-Russia war.

Copper

MCX copper prices managed to sustain above the level of ₹1324, and settled at 1336.60, amid pause of US-Iran tension, where both countries are in talks to end Middle East tension. Also, supply disruption amid severe storm in Chile, continued to push the prices higher. Cooper prices could stay elevated in longer time amid supply disruption and exponential rise in demand amid rise in EV, AI and green energy.  If Copper prices breaches and sustains trading above the mark of ₹1340, can push the prices towards the mark of ₹1368.However fall below 1340, would trigger weakness to the level of 1324.

Evening Commodity Trading Guide 28^th Jul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract demonstrates a softening technical posture, aligning its sentiment in line with COMEX. Recovery attempts are encountering distribution at key resistance levels positioned at ₹1,42,200 – ₹1,43,500, while initial downside protection sits within the ₹1,41,000 – ₹1,39,800 support zone. Dynamic indicators suggest the contract may see Profit Booking from Higher levels, so be cautious near resistance levels. Meanwhile, for strategic allocation, long-term investors can consider buying in small amounts on every dip to progressively build core portfolio positions.

COMEX Gold (Spot): Spot gold displays a Sideways to Bearish Sentiment as market participants evaluate shifting macroeconomic factors and currency movements. Immediate overhead supply remains firm near resistance at $4,050 – $4,100, while core defensive support levels are located between $4,000 – $3,960.

Overall View: The broader gold framework leans defensive in the near term, making risk management essential around elevated supply bands. Active short-term traders should avoid buying into minor upside bounces where profit-taking is likely to resume. For patient, long-term accumulators,

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues to exhibit a defensive layout, maintaining its sentiments in line with COMEX. Upside momentum continues to hit active overhead supply barriers, placing technical resistance at ₹2,18,000 – ₹2,21,000. On the downside, primary structural support is expected near ₹2,15,000 – ₹2,12,000. Chart setups warn that the contract 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 value zones.

COMEX Silver (Spot): Spot silver exhibits a Sideways to Bearish Sentiment profile as industrial demand forecasts balance out against speculative re-positioning. Overhead resistance levels are placed at $58 – $60, while vital support lines are established around $56.50 – $55.

Overall View: The silver market remains restricted within a defensive technical channel, demanding strict level precision and patience. Tactical short-term traders should avoid buying mid-range and stay cautious near overhead resistance due to potential profit-taking. Patient long-term allocators can leverage interim weakness to scale into strategic positions in smaller increments.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): The active August contract trades cleanly in line with International NYMEX Spot prices, holding a weak market posture. Overhead supply remains aggressive on intraday bounces, keeping technical resistance established at ₹7,920 – ₹8,150. Lower structural support is marked between ₹7,750 – ₹7,500. Under this technical layout, the primary tactical execution model 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 moves through a Sideways to Bearish Sentiment channel, influenced by easing short-term risk premiums and shifting international inventory trends. Upside relief moves face technical resistance at $82.50 – $85, while primary support levels are seen between $80 – $78.

Overall View: Crude oil’s underlying layout continues to favor sell-side strategies on transient price bounces toward overhead resistance bands. However, given how rapidly evolving headline news can alter short-term energy trends, traders must exercise strict risk discipline, enforce conservative position sizes, and utilize tight stop-loss protection.

Zinc Technical Outlook

MCX Zinc (Aug): The domestic August contract is tracking global trend, displaying a stable baseline structure. Near-term advances encounter distribution around resistance at ₹379 – ₹382, while solid demand absorbs soft patches near support levels of ₹375.80 – ₹373. Under this technical framework, the primary operational Directive is to Buy on dips. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc displays a balanced Sideways Sentiment pattern, consolidating beneath multi-week overhead targets. Technical resistance stands firmly at $3,600 – $3,625, while underlying buyers keep key support levels anchored between $3,560 – $3,540.

Overall View: Zinc continues to present high-probability setups for dip-buyers near core support boundaries. Because base metals remain highly sensitive to global supply adjustments and macroeconomic updates, maintaining strict risk parameters and executing trades strictly near boundary markers remain essential.

Commodities: Pivot Table

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