Morning Commodity Market Snapshot

GOLD

COMEX gold prices are seen trading with negative bias at the early hours of the trading session with a loss of $22 at $3991.070, amid market weighing on the hawkish stance of the Fed for the year, which has pushed dollar index to 14 months high at the level above 100 at 101.183, thus weighing on the gold prices. Investors are awaiting the peace talk to happen between US-Iran in Qatar , that is expected to prove some fruitful result which might further ease the crude oil prices, which continued to be under the mark of $75 in brent.

SILVER

COMEX Silver prices also traded with negative bias and are seen trading down by over 1.05% at the level of $57.6520, amid Keviin Warsh making a hawkish statement ad increasing the expectation of rise in interest rate 3 ties in the year, has taken dollar index to the level above 101, which was struggling to cross the path of 100, is weighing on the silver prices. Investors are waiting. Further investors are also cautious before the meeting of US-Iran, to meet in Qatar for further discussion on the peace deal, that would further provide direction to  crude oil prices, with Strait of Hormuz still being the center of the war discussion.

CRUDE

The ongoing downward trend in Brent Crude prices persists, with the current trading price nearing $73.38, approaching levels seen before the beginning of conflict. This decline has effectively erased all gains accumulated since the commencement of US and Iran tension. Investors shifted their attention to the resumption of peace negotiations in Doha, leading to a significant drop in crude oil prices amidst conflicting messages from both parties, creating uncertainty about future developments. Despite this, Iran’s Deputy Foreign Minister affirmed Tehran’s commitment to maintaining control over traffic in the Strait of Hormuz.

Copper

MCX copper prices have fallen below the key support level of Rs1260, closing session at Rs1259.70, amid expectation of a rate hike by the Fed. Further investors also stayed cautious ahead of US-Iran talk to happen in Doha.On the technical front, as prices couldn’t sustain the level of Rs1260, it might again reach for Rs1241.

COMMODITY LEVELS:

Evening Commodity Trading Guide 30^th Jun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract continues to stabilize within an established consolidation band, keeping near-term sentiments in line with COMEX. Overhead supply clusters are creating a firm technical ceiling, leaving immediate resistance positioned at ₹1,43,500 – ₹1,45,500. On the lower boundary, vital structural cushions are holding between ₹1,42,000 – ₹1,40,500. Given the deeper value areas tested recently, we can expect short covering from lower levels but stay cautious, as a sustained trend reversal requires clear volume validation at range boundaries.

COMEX Gold (Spot): Spot gold continues to trade with a steady Sideways Sentiment profile as immediate liquidation momentum exhausts itself and market participants await fresh macroeconomic catalysts. This range-bound structure leaves immediate technical resistance established near $4,070 – $4,120. Downside protective barriers remain firm for the time being, with key support levels identified near $4,000 – $3,960.

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. Short-term momentum players should focus on clear risk-defined parameters near range extremes. For strategic portfolio builders, this non-linear 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 consolidation structure on domestic charts, maintaining near-term sentiments in line with COMEX. Immediate counter-trend advances face a heavy wall of supply, leaving major technical resistance standing at ₹2,31,500 – ₹2,36,500. Conversely, dynamic safety nets for buyers remain well-entrenched, with support expected near ₹2,25,000 – ₹2,20,000. As prices stabilize inside 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 immediate liquidation pressures cool off, allowing the white metal to form a reliable technical floor. Overhead technical resistance levels are currently placed at $59.50 – $62, acting as a near-term ceiling. On the downside, potential stabilizing zones are likely holding firm around major supports near $58.40 – $56.60.

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 entry window; long-term investors can consider buying in small amounts on every dip within the major demand pockets to smoothly accumulate quality structural 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 ₹312 – ₹319. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹305 – ₹298. Technical studies indicate that the contract may see an Upmove after sustaining above the Resistance zone, which could attract fresh momentum buying.

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 $3.28 – $3.36. On the lower boundary, pullbacks are being steadily caught by structural buyers, keeping key support levels well-entrenched between $3.20 – $3.14.

Overall View: The energy matrix is currently trapped in a choppy, range-bound pattern, suggesting a highly disciplined tactical approach until a clear breakout emerges. 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 limits, and use strict trailing stop-losses to hedge against swift, headline-driven reversals.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking the global trend, the domestic July contract showcases an exceptionally constructive chart profile. Short-term sellers are actively grouping near the immediate overhead resistance band at ₹366 – ₹372, while long-term demand forces are waiting to absorb price soft patches at the support floor of ₹361 – ₹355. Technical patterns indicate that the metal may see an Upmove after sustaining above the Resistance zone, signaling a clean validation of its broader structural trend.

COMEX Zinc (Spot): COMEX Zinc continues to march ahead with a firm Sideways to Bullish Sentiment, energized by persistent global supply constraints and robust physical spot market demand. The industrial metal is actively challenging upper milestones, with immediate overhead resistance standing at $3,560 – $3,620. On the flip side, seller dominance remains strictly limited, with key support levels firmly established between $3,520 – $3,460 to keep the uptrend intact.

Overall View: With the broader macro and micro elements lining up in favor of the bulls, accumulating long exposure on mild price pullbacks or breakout confirmations 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. Lock in partial profits at regular intervals and ensure trailing stops are used effectively to shield capital against unexpected intraday reversals.

Commodities: Pivot Table

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