COMMODITY MARKET (29th July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with negative bias and slipped below the mark of $4050,near the mark of $4026 before the Fed decision on interest rate due later in the evening tonight. Investors stayed cautious ahead of the interest rate decision, which has high probability of no change in the interest rate. Further strength in dollar index and 10 year bond yield also capped the upside in the yellow metal. However, on the war front with no agreement between Iran and Oman on the Strait of Hormuz issue along with fresh hostilities in the middle east reignited the tension thus weighing on the gold prices.

SILVER

COMEX silver prices traded with negative bias and are trading near the mark of $57, amid interest decision by Fed due on 29 July, as investors stayed cautious amid uncertainty and high volatility expected. Interest is highly expected to stay unchanged for this meeting as crude oil prices continue to soften and have reached the mark of $84 and $82, for Brent and WTI, respectively. Fresh hostilities in the middle east have reignited the tension which also weighed on the gold prices. Further upside in silver was also capped amid strengthening 10 year bond yield and US dollar index that continued to stay above the mark of 101.

CRUDE

Brent crude oil bounced back to trade around $84 per barrel. This price recovery was driven by a fresh flare-up in Middle East conflicts following a brief period of calm, raising renewed fears of energy supply bottlenecks. Market support was further bolstered by diplomatic friction, as Iran dismissed Oman’s bid for a 50-50 joint management of the Strait of Hormuz—insisting on keeping complete authority over the inbound transit lane along with a portion of the outbound path.

Copper

MCX copper prices managed to settle near key support level at ₹1324.25, amid tension in the Middle East and also uncertainty over the interest decision due later in the evening. 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 ₹1324, can push the prices towards the mark of ₹1340.However fall below 1324, would trigger weakness to the level of 1310.

Commodity Levels:

Evening Commodity Trading Guide 29^th Jul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract maintains a cautious undertone, aligning its sentiment in line with COMEX. Immediate recovery moves continue to encounter overhead supply pressure near technical resistance at ₹1,42,000 – ₹1,43,000, while initial downside demand is established in the ₹1,41,200 – ₹1,40,000 support zone. Technical indicators suggest the contract may see Profit Booking from Higher levels, so be cautious near resistance levels. Simultaneously, for strategic portfolio positioning, long-term investors can consider buying in small amounts on every dip to systematically accumulate core allocations.

COMEX Gold (Spot): Spot gold retains a Sideways to Bearish Sentiment as traders navigate currency fluctuations and broader macroeconomic expectations. Overhead resistance remains active near $4,050 – $4,100, whereas primary defensive support levels are located between $4,000 – $3,960.

Overall View: Gold remains in a consolidation pattern with a slight downward bias, favoring patience near resistance hurdles. Active short-term traders should avoid buying aggressively into intermediate rallies where profit-taking is likely to resume. For long-term accumulators, gradual scale-in buying during pullbacks toward key support zones remains a prudent execution model.

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues to navigate a defensive structure, keeping sentiments in line with COMEX. Short-term bounces are meeting notable resistance around ₹2,19,000 – ₹2,22,500, with major downside support expected near ₹2,16,000 – ₹2,13,500. Technical chart setups signal that the metal may see Profit Booking from Higher levels, so be cautious near resistance levels. However, long-term investors can consider buying in small amounts on every dip to construct long-term exposure inside major value bands.

COMEX Silver (Spot): Spot silver carries a Sideways to Bearish Sentiment bias as physical demand metrics re-align with speculative market positioning. Near-term supply pressure is marked around technical resistance at $58.20 – $60, while base support levels are likely around $57 – $55.50.

Overall View: The silver market remains inside a bound consolidation range where level-by-level discipline is essential. Short-term traders should wait for clear price confirmation near support boundaries rather than buying into upper resistance bands. Long-term investors can continue building positions steadily on minor price declines.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): The active August contract trades in line with International NYMEX Spot prices, holding a defensive overall posture. Relief bounces are facing persistent selling interest, placing technical resistance at the ₹8,000 – ₹8,200 mark. On the lower end, key support levels are established between ₹7,800 – ₹7,600. Under this technical configuration, the primary trading directive remains Sell on Rise. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil exhibits a Mixed Sentiment profile as physical supply considerations balance against shifting macroeconomic demand inputs. Overhead resistance stands firm at $84 – $86.50, while key support levels are seen between $81.60 – $79.50.

Overall View: Crude oil’s underlying market structure continues to favor selling on tactical price rallies toward resistance limits. However, given how rapidly headline risks and geopolitical events can spark intraday reversals, maintaining tight risk controls and conservative position sizes is mandatory.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking the global trend, the active August contract shows signs of softening near upper boundary levels. Upside relief moves are capped near resistance at ₹377.50 – ₹380, while structural support is located at ₹375.50 – ₹373. Technical patterns indicate 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.

LME Zinc (Spot): LME Zinc reflects a Sideways Sentiment pattern as market participants weigh physical inventory dynamics against broader industrial demand signals. Overhead technical resistance is positioned at $3,590 – $3,625, while primary support levels are established between $3,560 – $3,540.

Overall View: Zinc is trading with an increasingly vulnerable bias, making support triggers pivotal. Traders should monitor the lower support boundaries closely for potential continuation of downside momentum upon a breakdown, while exercising strict risk management given the prevailing market volatility.

Commodities: Pivot Table

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