COMMODITY MARKET (31st Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with negative bias falling below its crucial level of $4450 and is currently hovering with a loss of 0.81% near $4416. The fall in gold prices is attributed to a hawkish statement by Kevin Warsh in the Jackson Hole Symposium, where he insisted on controlling prices. He also emphasized that the primary focus of the central banks is to control the inflation which is yet above the target of 2% , while monetary policy net being very restrictive as well. Investors are expecting 57% of chances of rate hike which is much higher than earlier 35%, before Warsh’s speech. Further Fresh Strikes ,as the US military targeting Iranian rocket launchers also pushed oil prices again higher thus further weighing on the gold prices.

SILVER

COMEX silver prices is continued to hover near the mark of $66.10 and is down by 0.38% on daily basis, amid hawkish tone of Kevin Warsh in the Jackson Hole Symposium, which has increased the probability of interest rate hike in September to 57%, sharply higher from 35% of probability before the speech. Also US-Iran again seems to be entering the war situation, as the US military targeted Iran’s rocket launchers thus, pushing the oil prices up  by over 1.9% in early trading sessions of Monday. Which also weighed on the bullion prices.

CRUDE

Brent pisces again seems to be nearing the $90, amid tension between US and Iran. As per the reports, US military targeted Iranian 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 approximately 6 to 8 million barrels of crude are still flowing through Hormuz despite the absence of a peace agreement between US and Iran. Thus if prices manage to reach $91, in Brent we may see the level of $95, sooner, however failing to do so would take prices towards $88.

Copper

MCX copper managed to sustain the level of 1391 despite profit booking at higher levels. But copper prices are expected to remain elevated amid supply disruption and rise in demand. Thus, If Copper prices sustains above the mark of ₹1400, can push the prices towards the mark of ₹1410/1415. However, falling below 1380, would trigger weakness to the level of 1375.

Commodity Levels:

Evening Commodity Trading Guide 31^st Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract is experiencing near-term downside pressure, keeping its sentiment in line with COMEX. Immediate technical resistance is positioned at ₹1,57,000 – ₹1,59,000, while the key support zone lies between ₹1,53,800 – ₹1,51,500. Technical analysis indicates weakness is seen but can see a short covering from lower levels but stay cautious. For strategic allocation, long-term investors can consider buying in small amounts on every dip to accumulate core value positions over time.

COMEX Gold (Spot): Spot gold displays a Sideways to Bearish Sentiment profile as prices encounter short-term overhead supply. Immediate resistance is identified near $4,480 – $4,540, while key support levels are seen holding near $4,400 – $4,325.

Overall View: Gold remains under mild corrective pressure in the near term. While overall trends offer short-covering potential near support bounds, tactical traders should exercise caution near resistance zones while long-term buyers scale into value dips.

Silver Technical Outlook

MCX Silver (Sept): Tracking global price trends, the active September contract continues its consolidation phase, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,45,000 – ₹2,50,000, with primary support expected near ₹2,40,500 – ₹2,35,500. Chart setups suggest weakness is seen but can see a short covering from lower levels but stay cautious. Concurrently, long-term investors can consider buying in small amounts on every dip to construct core long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a Sideways to Bearish Sentiment profile. Overhead resistance levels are placed at $68 – $70, while underlying support buffers are likely established around $66.40 – $65.

Overall View: Silver maintains a defensive near-term posture within its structural accumulation range. Monitor key lower support floors closely for potential short-covering rebounds.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the contract is building momentum near key technical hurdles. Overhead resistance is positioned at ₹8,250 – ₹8,400, while primary support holds between ₹8,120 – ₹8,000. Chart indicators suggest the contract may see an upmove after sustaining above the resistance zone. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil carries a Sideways to Bullish Sentiment structure as supply dynamics support price action. Overhead resistance stands at $88 – $90, while key floor support levels are seen between $85 – $83.50.

Overall View: Crude oil exhibits improving underlying strength. A decisive breakout and hold above immediate resistance zones could unlock further upside continuation, though strict risk management is recommended given geopolitical headline sensitivity.

Zinc Technical Outlook

MCX Zinc (Sept): Directly tracking global trend, the active September contract continues to demonstrate steady underlying buyer demand. Technical resistance is positioned at ₹418 – ₹423, while support underpins price action between ₹413 – ₹408. Under this positive chart configuration, the core tactical directive remains Buy on Dips. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc holds a Sideways to Bullish Sentiment profile, supported by steady industrial fundamentals. Overhead resistance stands between $3,900 – $3,950, while key support levels are seen between $3,840 – $3,790.

Overall View: Zinc maintains a well-structured bullish posture. Technical pullbacks toward primary support zones continue to offer favorable risk-defined entry points for momentum plays.

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)

AI Usage Disclosure: Artificial Intelligence (AI) tools were utilized exclusively for document formatting, structural layout, and presentation refinement.
All underlying research, financial analysis, forecasts, and investment recommendations are fully independent and conducted solely by the analyst(s).

For Full Disclaimer: Click Here