Morning Commodity Market Snapshot

GOLD

COMEX gold has extended its previous gain and is seen currently trading up by 0.76% at the level of $4061, amid soft US job data, that pushed the gold prices to the high of $4115.675 in Wednesday’s trading session. But prices are currently trading above the crucial support of $4050.ADP data came in a little bit lower than the forecast. Private employment rose by 98,000 jobs last month after an unrevised 122,000 advance in May, the ADP national employment report showed. Economists polled by Reuters had forecast private employment increasing by 118,000.Thus, if prices manage to reach and sustain above $4100, then $4150 would be the next upside destination for the yellow metal.

SILVER

COMEX Silver prices extended the previous day’s gain and is finally hovering near the level of $60, amid soft US job data, along with optimism from US-Iran deal, also provided support to the bullion prices. Further softness in dollar index also provided the cushion to the silver prices, which plunged below the mark of $61.Further warsh remark on inflation easing also supported the bullion prices. According to Kevin Warsh, a recent decline in inflation expectations implies that the central bank is under no immediate pressure to hike interest rates. Nevertheless, he emphasized that the institution remains fully dedicated to bringing inflation back under control and ensuring long-term price stability.

CRUDE

Global crude benchmarks are signaling continued market weakness as Brent slides toward $70 a barrel and WTI hovers around $67, primarily driven by a massive influx of international oil supply and thawing geopolitical tensions. This downward price momentum comes as energy traders react positively to advancing back-channel negotiations between Washington and Tehran, alongside heavily fortified shipping corridors. Bolstered by US military oversight, daily oil traffic navigating the critical Strait of Hormuz has successfully topped 10 million barrels, while creative logistical workarounds have allowed the UAE to fully restore its export volumes to pre-conflict levels. Furthermore, a dramatic surge in Iranian exports exceeding 40 million barrels, triggered by the conclusion of an American naval blockade—combined with unprecedented volumes of Russian oil shipments, has created an immense surplus of seaborne crude inventory that continues to weigh heavily on prices.

Copper

MCX copper prices respect the key support level of Rs1260, closing session at Rs1270, amid signs of stronger demand from China. Further, if copper sustains the current level of Rs1270, prices will get technical push towards the level of Rs1280.

COMMODITY LEVELS:

Evening Commodity Trading Guide 02^nd Jul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract has entered a constructive consolidation phase, keeping short-term sentiments in line with COMEX. The asset is attempting to build an upward base after a period of intense volatility. Near-term overhead resistance is positioned at ₹1,45,500 – ₹1,47,000. On the lower boundary, a structural demand floor is well-entrenched between ₹1,43,800 – ₹1,42,000. Technical patterns indicate that the yellow metal may see an upmove after sustaining above the resistance zone, but stay cautious until high-volume buying confirms a clean expansion.

COMEX Gold (Spot): Spot gold is trading with a stable Sideways to Bullish Sentiment profile as immediate liquidation momentum exhausts itself and safe-haven buying exhibits a modest revival. 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 structural support levels holding reliably near $4,030 – $3,980.

Overall View: Because the yellow metal is building a healthy structural base, avoiding chasing overextended positions in the middle of the value band remains the most prudent path. Short-term momentum players should focus on clear risk-defined parameters near range extremes, looking for a confirmed breakout above local ceilings. 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 balance out their entry costs effectively.

Silver Technical Outlook

MCX Silver (Sept): The active September contract showcases a resilient stabilization structure on domestic charts, keeping near-term sentiments in line with COMEX. Immediate counter-trend advances face a visible wall of supply, leaving major technical resistance standing at ₹2,33,000 – ₹2,38,500. Conversely, dynamic safety nets for buyers remain well-entrenched, with support expected near ₹2,30,000 – ₹2,25,000. As prices pick up near key value fields, charts indicate that the white metal may see an upmove after sustaining above the resistance zone, but stay cautious but stay cautious until a definitive close confirms sustained buying interest.

COMEX Silver (Spot): Spot silver carries a favorable Sideways to Bullish Sentiment profile as localized liquidation pressures cool off, allowing the metal to form a reliable technical floor with an accumulating bias. Overhead technical resistance levels are currently placed at $60.50 – $62.50, acting as a near-term ceiling. On the flip side, seller dominance remains strictly limited, with key support levels firmly established near $59 – $57 to keep the broader base intact.

Overall View: The white metal is currently content rotating within an established technical range with an accumulating bias, 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 midday swings. On a macro level, this corrective consolidation offers a healthy entry window; long-term investors can consider buying in small amounts on every dip within the major demand pockets to steadily accumulate quality exposure.

Natural Gas Technical Outlook

MCX Natural Gas (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 ₹308 – ₹315. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹302 – ₹295. Because the commodity is currently stuck in a broad range, sell on rise and buy on dips can be the strategy to follow until important levels break.

NYMEX Natural Gas (Spot): Spot Natural Gas continues to navigate a Mixed Sentiment profile as fluctuating weather forecasts and changing storage metrics trigger an intense intraday tug-of-war. Upside momentum faces an immediate technical cap, with resistance standing at $3.18 – $3.25. On the lower boundary, pullbacks are being steadily caught by structural buyers, keeping key support levels well-entrenched between $3.12 – $3.05.

Overall View: The energy matrix is currently trapped in a choppy, range-bound pattern, suggesting a highly disciplined tactical approach near the established boundaries rather than aggressive directional positioning. Because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Lock in partial profits at regular technical intervals, manage position sizes strictly within risk parameters, and use strict trailing stop-losses to hedge against swift, sudden reversals.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking the global trend, the domestic July contract is currently finding an equilibrium after a period of robust upward expansion. Short-term sellers are actively grouping near the immediate overhead resistance band at ₹362 – ₹366, while long-term demand forces are waiting to absorb price soft patches at the support floor of ₹357 – ₹353. The underlying technical structure favors buyers, keeping the core tactical actionable to buy on dips.

COMEX Zinc (Spot): COMEX Zinc has transitioned into a stable Sideways Sentiment block as market participants absorb recent gains and factor in near-term industrial consumption metrics. The metal is navigating a temporary consolidation patch, with immediate overhead resistance standing at $3,480 – $3,530. On the flip side, critical lines of structural demand are expected to offer support between the key levels of $3,435 – $3,990.

Overall View: With the broader macro and micro elements lining up in favor of the bulls, accumulating long exposure on mild price pullbacks near key demand zones remains the dominant, high-probability strategy. However, because industrial commodities are highly sensitive to sudden logistics or macro shocks, 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

Disclaimer:

Investment in securities markets is subject to market risks. Please read all related documents carefully before investing. (Our SEBI Reg. No. INH000010335)

For Full Disclaimer: Click Here