COMMODITY MARKET (30th July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with positive bias, after the Fed kept interest rate steady, and went to touch Wednesday’s high of $4116.40. But later in the early hours of the trading session on Thursday  Gold prices took a breather and are seen trading down at $4063. The upside in the gold prices was capped, as Warsh showed commitment on bringing the inflation down, thus keeping the decision on interest rates in the coming meeting in September, under uncertainty. On the war front fresh strikes from US against Iran also continued to put pressure on gold prices, amid yet again rising crude oil prices to the level of $86.26.

SILVER

COMEX silver prices gained and touched the high of $59.2540, as Warsh kept interest steady, in line with market expectation. But Warsh did emphasize on bringing inflation down, thus the uncertainty of interest rate in September loomed over market and gold and silver prices. Thus silver prices yet again fell to the level of $57.500 in the early trading session of Thursday. Also with no end to the US-Iran war and continued strike against Iran by the US, also weighed on bullion prices, as oil prices yet again traded above the key level of  $85.

CRUDE

Oil prices surged back toward $86 a barrel as a brief lull in Middle Eastern tensions gave way to renewed conflict, stoking fears of energy supply disruptions. The friction expanded into the Red Sea after Yemen’s Houthi rebels threatened a blockade on Saudi Arabia, spurring Riyadh to team up with US forces in targeting Iranian-backed militants in Iraq. Compounding these geopolitical jitters, a steep drop in US crude stockpiles, the largest since mid-June, provided further upward pressure on prices by highlighting a tightening global supply.

Copper

MCX copper prices fell below the mark of  ₹1324, amid tension in the Middle East and settled the day at ₹1322.80. 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 30^th Jul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract is exhibiting a modest recovery setup, keeping its sentiment in line with COMEX. Immediate overhead resistance is positioned at ₹1,43,000 – ₹1,44,200, while a reliable downside base is expected within the ₹1,42,000 – ₹1,41,000 support zone. Dynamic chart setups indicate that the market 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 scale into long positions.

COMEX Gold (Spot): Spot gold continues to trade under a Sideways Sentiment as market participants weigh macroeconomic data alongside shifting central bank expectations. Near-term supply pressure remains active near resistance at $4,100 – $4,140, whereas fundamental demand cushioning is expected around key support levels at $4,060 – $4,020.

Overall View: Gold remains bound in a broad consolidation corridor, favoring tactical execution over chasing momentum. Active short-term traders should exercise patience near upper resistance bands where profit-taking is likely. For long-term allocators, incremental scale-in purchases during minor pullbacks toward core support zones offer a disciplined accumulation approach.

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues to consolidate inside a structured boundary, maintaining sentiments in line with COMEX. Near-term relief bounces face overhead supply around resistance placed at ₹2,20,000 – ₹2,23,000, while base support is likely to hold near ₹2,16,500 – ₹2,14,000. Technical patterns suggest that the contract may see Profit Booking from Higher levels, so be cautious near resistance levels. Meanwhile, long-term investors can consider buying in small amounts on every dip to build long-term exposure inside core value bands.

COMEX Silver (Spot): Spot silver carries a Sideways Sentiment profile as industrial demand expectations balance against speculative market positioning. Technical resistance hurdles stand at $59 – $60, while initial support buffers are established around $57 – $56.

Overall View: The silver market is oscillating within a defined range, making boundary awareness essential for trade execution. Traders should avoid buying into overhead resistance levels due to the risk of temporary profit booking. For patient long-term investors, systematic purchases on interim price dips continue to provide an effective entry strategy.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): The active August contract continues to trade in line with International NYMEX Spot prices, holding an overall defensive market posture. Upside relief moves continue to run into firm selling interest, placing key technical resistance at ₹8,100 – ₹8,250. On the lower boundary, primary support rests at ₹7,900 – ₹7,750. Under this technical configuration, the primary trading strategy remains Sell on Rise. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil exhibits a Sideways Sentiment structure, as traders evaluate supply chain risks against global macroeconomic demand headlines. Technical resistance stands firm at $84.50 – $86, while key support levels are seen between $82.50 – $80.50.

Overall View: The broader crude oil complex continues to favor short-side setups on tactical price rallies toward overhead resistance zones. However, given how rapidly headline developments and geopolitical tensions can spark sudden intraday spikes, strict stop-loss protection and prudent position sizing are critical.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking global trend, the active August contract demonstrates a firming structural base. Near-term resistance is positioned at ₹382 – ₹386, with strong underlying demand holding support at ₹378.50 – ₹375.20. Technical indicators suggest the price may see an upmove after sustaining above the resistance zone. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc reflects a Sideways to Bullish Sentiment trajectory, supported by healthy physical demand and steady inventory movements. Overhead technical resistance stands at $3,620 – $3,640, while key support levels are seen between $3,580 – $3,555.

Overall View: Zinc exhibits a constructive setup with potential for upside continuation upon a sustained technical breakout above the resistance band. Traders should look for confirmation above key hurdles while maintaining strict risk controls given broader market volatility.

Commodities: Pivot Table

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