COMMODITY MARKET (2nd September 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with negative bias and has fallen below its crucial level of $4380 and and prices are hovering near the mark of $4300 amid escalating Middle East conflict which has pushed oil prices to the level of $92, and stoked inflation and rate-hike fears. Meanwhile investors are focused on upcoming U.S. jobs data, due to be released in the week that will further give cues to the market about the rate hike expectation which is now priced at 67%. Thus if prices fall below the mark of $4270, then the gold will turn weaker and may reach for $4225.

SILVER

COMEX silver prices have fallen below the mark of $65 and is currently trading down by 0.57% on daily basis and trading near the mark of $63, amid escalation tension between US-Iran, with US launching fresh strikes against Iran, which has pushed oil prices near the mark of $95, thus instigating the fear of inflation and rate hike which is now expected to rise with probability of 67% seen in the market. However, investors are still waiting for the employment data for further cues about the US economy. Also the strength in the US dollar is pushing bullion prices down. Thus, if silver prices fall below $60, we may see it reaching for the downside destination of $58.

CRUDE

Brent prices again seems to be nearing the $95, amid tension between US and Iran. According to reports, US military targeted Iran’s rocket launchers which were preparing to deploy mines into the Strait of Hormuz, marking the first such attack, after their last attack in July. On the brighter side, reports indicated that oil tankers are flowing through Hormuz despite the absence of a peace agreement between US and Iran, increasing to 17 million barrels per day, suggesting Tehran is not controlling the strategic waterways. Thus if prices manage to reach $95, in Brent we may see the level of $98, sooner, however failing to do so would take prices towards $91.

COPPER

MCX copper failed to sustain the level of 1375, and fell by 1.24% in ongoing concern about rising interest rates in the month of September amid increase in crude oil prices due to tension between US-Iran. But copper prices are expected to raise due to disruption in supply and high demand. Thus, If Copper prices remain above the mark of ₹1375, can push the prices towards the mark of ₹1390/1400. However, falling below 1370, would bring weakness to the level of 1360.

Commodity Levels:

Evening Commodity Trading Guide 02^nd Sept 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract remains under moderate selling pressure, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,52,000 – ₹1,55,500, while the key support zone lies between ₹1,50,000 – ₹1,46,000. Chart indicators suggest weakness is seen but can see a short covering from lower levels but stay cautious. For long-term allocation, long-term investors can consider buying in small amounts on every dip to build core positions at value levels.

COMEX Gold (Spot): Spot gold displays a Sideways to Bearish Sentiment profile as upside momentum remains capped. Immediate resistance is identified near $4,350 – $4,400, while key underlying support levels are seen near $4,280 – $4,230.

Overall View: Gold continues its corrective drift within lower demand bands. While short-covering rallies remain possible off primary support zones, short-term traders should exercise caution near resistance hurdles.

Silver Technical Outlook

MCX Silver (Dec): Tracking international trends, the active December contract reflects downside consolidation, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,37,000 – ₹2,43,000, with primary support expected near ₹2,33,000 – ₹2,29,000. Chart analysis notes weakness is seen but can see a short covering from lower levels but stay cautious. Simultaneously, long-term investors can consider buying in small amounts on every dip to construct strategic long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a Sideways to Bearish Sentiment structure. Overhead resistance levels are placed at $65 – $67, while support buffers are likely established around $63.50 – $61.

Overall View: Silver remains in an accumulation zone characterized by near-term weakness. Monitor lower support boundaries for potential short-covering stabilization before engaging long positions.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the contract faces capped upside momentum near resistance limits. Technical resistance is positioned at ₹8,550 – ₹8,750, while immediate support rests between ₹8,400 – ₹8,200. Chart setups 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.

NYMEX Crude Oil (Spot): Spot Crude Oil carries a Mixed Sentiment profile as two-way market dynamics persist. Overhead resistance stands at $90 – $92, while key support levels are established between $88 – $85.20.

Overall View: Crude oil maintains a cautious, mixed posture. Watch key support levels closely, as a breakdown below the primary support zone could trigger further downward continuation.

Zinc Technical Outlook

MCX Zinc (Sept): Directly tracking global trend, the active September contract continues to hold a constructive chart pattern. Technical resistance is positioned at ₹416 – ₹420, while primary support underpins price action between ₹412 – ₹408. Under this positive setup, the tactical stance remains Buy on Dips. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc maintains a Sideways to Bullish Sentiment profile, supported by firm industrial demand fundamentals. Technical resistance stands between $3,900 – $3,940, while key support levels are seen between $3,850 – $3,800.

Overall View: Zinc retains its positive underlying trend structure. Corrective pullbacks toward baseline support levels present disciplined risk-reward opportunities for dip buyers.

Commodities: Pivot Table

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