Morning Commodity Market Snapshot

GOLD

COMEX gold prices are seen trading subdued to negative bias at the early hours of the trading session with a loss of 0.70% at $4060.16, amid renewed tension between US-Iran. After President Trump threatened Iranian leadership, Iran launched missiles on US military bases at Kuwait and Bahrain, bringing back the uncertainty of the cease-fire in place, thus pushing pressure on the gold prices. However downside remain capped, as Tehran and Washington agree to pause the hostilities at the later day of the weekend, but showing the agreement of ceasefire.

SILVER

COMEX Silver prices also traded with negative bias and are seen trading down by over 1.13% at the level of $58.4890, amid uncertainty over the US-Iran Agreement. With Iran attacking the Military bases at Kuwait and Bahrain has raised the concern over the agreement, which is yet again under radar. Silver prices would be able to gain strength on the technical level, if prices manage to sustain above the mark of $61. Failure to do so, could keep the silver in the range of $55-$61.

CRUDE

Brent Crude prices continued to be under pressure and is currently trading near the mark of $73.06, sinking towards the pre war level prices, wiping all gains made since the US-Iran conflict started. But the fall in  Brent crude was halted amid renewed tension between US-Iran with Iran attacking US military bases at Gulf countries, after the US president threatened to wipe off Iranian leadership if they don stick to peace agreement. But the strike was halted with peace deal talks in place, which created pressure in the oil prices, thus it remained under the $75 mark of $75.

Copper

MCX copper prices has managed to regain momentum and reached above the key support level of Rs1260, closing session at Rs166 , amid a peace deal in place along with bargain buying at the lower levels. Copper if sustains the level of Rs1260, it can further move towards the level of Rs1280. However failure to do so, with US-Iran conflict again in place, could put pressure on the prices towards the level of RS1250.

COMMODITY LEVELS:

Evening Commodity Trading Guide 29^thJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract has entered a well-defined consolidation phase, keeping its short-term sentiments in line with COMEX. Overhead supply clusters are creating a firm intraday ceiling, leaving technical resistance positioned at ₹1,43,700 – ₹1,44,800. On the lower boundary, a reliable structural demand floor rests between ₹1,41,800 – ₹1,40,800. Given the deeply stretched downward parameters seen in recent sessions, we can expect short covering from lower levels but stay cautious, as a sustained trend reversal requires clear volume confirmation at range boundaries.

COMEX Gold (Spot): Spot gold continues to trade with a Sideways Sentiment profile as immediate selling pressure exhausts its momentum and macro participants reassess core directional drivers. This range-bound structure leaves immediate technical resistance established near $4,100 – $4,150. Downside risks appear neatly insulated for the time being, with key support levels seen holding reliably near $4,000 – $3,950.

Overall View: Because the yellow metal is currently lacking an aggressive directional trigger, avoiding chasing overextended positions in the middle of the value band remains the most prudent path. Shorter-term momentum players should focus on range extremes with strict risk definition. For strategic portfolio builders, this non-linear stabilization phase represents a constructive accumulation window; long-term investors can consider buying in small amounts on every dip inside the core support bands to smoothly balance out their entry costs over time.

Silver Technical Outlook

MCX Silver (Sept): The domestic contract has transitioned to the active September series, stabilizing on its charts while keeping near-term sentiment in line with COMEX. Immediate counter-trend rallies face a visible wall of supply, leaving technical resistance standing across a wide band at ₹2,25,000 – ₹2,31,500. On the flip side, dynamic downside safety nets are well-entrenched, with support expected near ₹2,20,500 – ₹2,14,500. As prices re-enter key value fields, we can expect short covering from lower levels but stay cautious until a definitive breakout confirms sustained buying interest.

COMEX Silver (Spot): Spot silver is flashing a distinct Sideways Sentiment as localized liquidation pressures cool off, allowing the white metal to form a temporary technical floor. Overhead friction remains prominent, keeping immediate resistance levels placed at $59 – $61. On the downside, potential stabilizing pockets are likely holding firm around major supports near $57.50 – $55.50.

Overall View: The white metal is currently content rotating within an established technical range, meaning patience and strict boundary discipline will yield the best risk-to-reward ratio. Shorter-term traders should protect trading capital by avoiding over-leveraged positions during intraday swings. On a macro level, this corrective phase offers a healthy accumulation window; long-term investors can consider buying in small amounts on every dip within the major demand pockets to steadily build quality structural exposure.

Crude Oil Technical Outlook

MCX Crude Oil (Jul): The domestic July contract continues to match global spot markers, moving cleanly in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹6,700 – ₹6,860. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹6,550 – ₹6,400. Momentum studies show that weakness in prices may continue after breaching the support zones, but overall, be cautious, warning bulls against premature bottom-fishing before values baseline.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil remains locked in a clear Bearish Sentiment phase as macro pressures and shifts in global inventory dynamics line up against the energy market. Relief rallies are running into a well-defined ceiling, with immediate resistance standing at $70.50 – $72.50 keeping buyers at bay. On the lower end, key support levels are seen between $69 – $66.50, which will serve as crucial lines of defense for bulls trying to stabilize the trend.

Overall View: The energy complex exhibits deep near-term fatigue, but its volatile nature demands precise, objective boundary navigation rather than speculative positioning. Because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Lock in partial profits at regular technical boundaries, manage position sizes strictly within risk parameters, and use strict trailing stop-losses to hedge against swift, headline-driven reversals.

Aluminium Technical Outlook

MCX Aluminium (Jul): The domestic July contract continues to navigate a defensive landscape, closely tracking the global trend. Overhead supply pools are heavily concentrated near the key resistance band of ₹335 – ₹340, keeping short-term recovery attempts capped. On the lower boundary, structural defense lines are shifting downward, with immediate support expected near ₹330 – ₹326. Trend formations confirm that weakness in prices may continue after breaching the support zones, necessitating clear confirmation before taking directional risk.

COMEX Aluminium (Spot): COMEX Aluminium is locked in a distinct Sideways to Bearish Sentiment block as market participants factor in slower near-term industrial consumption and shifting macroeconomic variables. The metal is navigating a soft patch, with immediate overhead resistance standing at $3,180 – $3,240. On the flip side, critical lines of structural demand are expected to offer support between $3,140 – $3,100.

Overall View: The base metals complex remains deeply sensitive to fluid macro conditions and physical logistics constraints, urging a protective trading stance. Chasing mid-range breakout setups carries an adverse risk-to-reward ratio. Traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Focus on executing trades precisely near major technical boundaries, maintain conservative position sizing, and keep trailing risk parameters tight to preserve capital.

Commodities: Pivot Table

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