GOLD

On COMEX Gold prices continues to decline for the fourth consecutive trading session and is currently seen trading near the level of $4618.18, amid concern over acceleration US inflationary pressure that fuelled concern over interest rates by Fed, which they. Mjght keep them elevated or also hike them in meetings to comes.Inflationary pressure has been driven by prolonged shut down of Strait of Hormuz that has led to crude oil prices rising above $100. While investor awaits any update from Trump and Xi Jingping summit in China. On the domestic front India government has imposed curb on gold import in a measure to support Rupee.

SILVER

COMEX silver prices extended its previous day’s losses and are seen hovering near the level of $81.51, with a loss of over 3.26% from the previous close. Strength in the dollar index, which has been rising for the four consecutive trading sessions, has reached the mark of 99.097, along with inflationary pressure on the US, amid rising crude oil, increasing the probability of keeping the interest rate elevated or hiking it in the coming time, thus putting pressure on the bullion prices.

ENERGY

WTI crude oil prices fell by 3.59% in the wee hours of the trading session on Friday and are seen hovering below $100 at $98.29, amid profit booking from higher levels. Further, no development on the US-Iran conflict is creating confusion in the market. Also, the market is eagerly waiting for any update from the Trump-Xi Jinping Summit, that may help in resolving the Middle East. However, prices of oil are expected to remain elevated till the US-Iran conflict is completely resolved.

BASE METAL

MCX copper prices declined by 0.96% to settle at 1385.45 as investors engaged in profit-booking following recent highs. Despite this temporary dip, the underlying sentiment remains bullish, fueled by robust industrial demand linked to the rapid construction of data centers and global electrification initiatives. Furthermore, the combination of resilient Chinese consumption and escalating supply constraints is expected to provide a strong floor for the market, maintaining an upward bias for prices in the near term.

Evening Commodity Trading Guide 15th May 2026 

Gold Technical Outlook

MCX Gold (Jun): The domestic June contract has taken a defensive turn, keeping its broader sentiments in line with COMEX. Short-term pullbacks are testing the lower boundaries of the current range, with immediate technical resistance positioned at ₹1,60,000 – ₹1,62,500. On the downside, the primary cushion rests within the support zone of ₹1,58,000 – ₹1,56,000. Traders should monitor these levels closely, as weakness in prices may continue after breaching support zones, potentially triggering an acceleration in technical selling.

COMEX Gold (Spot): Spot gold has drifted into a temporary Bearish Sentiment as macro pressures and shifts in momentum line up against the metal. Relief rallies are running into a well-defined ceiling, with immediate resistance near $4,600 – $4,670 keeping buyers at bay. On the lower end, key support levels are seen near $4,500 – $4,420, which will serve as crucial lines of defense for bulls trying to stabilize the structural trend.

Overall View: With the short-term indicators leaning out of favor for gold, defensive positioning is highly advised for momentum players. Chasing intraday spikes into heavy resistance zones could prove risky. However, this corrective phase offers a compelling value play for patient capital; long-term investors can consider buying in small amounts on every dip down toward primary structural floors to optimize overall entry pricing over time.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract is facing heavy technical headwinds, locking its near-term sentiments in line with COMEX. Intraday recovery spikes are colliding with an established wall of supply, leaving major technical resistance standing at ₹2,78,000 – ₹2,88,000. Conversely, the immediate demand safety net is expected near ₹2,70,000 – ₹2,60,000. Chart setups indicate that weakness in prices may continue after breaching support zones, which could open the floodgates for momentum shorts.

COMEX Silver (Spot): Spot silver is flashing a distinct Bearish Sentiment as industrial demand projections take a breather and speculative selling increases. The white metal faces prominent overhead friction, with resistance levels placed at $80 – $83.20 acting as a firm lid on recent recovery attempts. On the flip side, underlying buyers are attempting to establish dynamic floors, with supports likely around $76.50 – $74.

Overall View: The path of least resistance for the white metal remains tilted downward for the immediate horizon, meaning boundary discipline and strict confirmation are vital. Short-term traders should exercise patience and avoid premature bottom-fishing. On a macro level, the ongoing correction continues to present an attractive structural window; long-term investors can consider buying in small amounts on every dip within the major demand pockets to smoothly scale into positions.

Crude Oil Technical Outlook

MCX Crude Oil (May): Displaying a decoupled momentum profile, the domestic May contract is flashing a bit more bullish sentiments compared to NYMEX WTI prices. Local price action remains highly resilient, with immediate resistance mapped at ₹1,100 – ₹10,250 and solid floor defense at ₹9,900 – ₹9,800. Technical patterns suggest the contract may see an upmove after sustaining above the resistance zone, signaling a potential validation of short-term buyer dominance.

NYMEX Crude Oil (Spot): WTI Crude Oil has entered a clear Mixed Sentiment phase as fluctuating global stock projections and supply-side variables create an intraday tug-of-war. Upside momentum faces an immediate technical cap, with resistance standing at $101 – $103.20. On the lower boundary, pullbacks are being steadily absorbed by buyers, keeping key support levels well-entrenched between $99 – $97.20.

Overall View: While the local market displays an underlying urge to grind higher, the broader energy matrix remains highly reactive to non-technical, external headlines. Because heightened volatility persists amid ongoing geopolitical tensions, market participants must avoid over-leveraging. Traders should remain extra cautious, protect realized profits at regular technical boundaries, and use strict trailing stop-losses to hedge against swift, headline-driven reversals.

Aluminium Technical Outlook

MCX Aluminium (May): Directly tracking the global trend, the domestic May contract displays a resilient consolidation profile. Short-term sellers are actively clustering near the overhead resistance band at ₹380 – ₹385, while deep-pocketed buyers are waiting to absorb price soft patches within the support floor of ₹376 – ₹371. This supportive underlying architecture continues to favor a tactical “Buy on Dips” market strategy.

LME Aluminium (Spot): LME Aluminium continues to navigate a stable Mixed Sentiment block, taking a technical breather just below multi-week milestones. Immediate overhead friction stands at $3,580 – $3,610, acting as the current threshold for breakout buyers. Meanwhile, downside exposure remains well-insulated, with key support levels seen holding robustly between $3,550 – $3,530 to maintain structural equilibrium.

Overall View: The industrial metal remains in a healthy foundational phase, making strategic accumulation near primary support channels a high-probability playbook. However, because industrial commodities are highly sensitive to shifting macro policies and physical logistics constraints, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Keep risk parameters strictly defined and lock in partial gains near immediate supply zones.

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