COMMODITY MARKET (31st July 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded mixed and struggled to hold above $4,100, though broader market conditions favor a bullish recovery. A weaker U.S. Dollar Index, falling below 101, coupled with cooling U.S. CPI inflation 3.5% in June against  4.2% in May and slowing Q2 GDP growth 1.5% from 2.1% reported in Q1, offer strong underlying support. However, immediate gains remained capped after a major data revision , as per the WGC, revealed central bank buying dropped sharply in Q1, down from an initial estimate of 244 tonnes to just 57 tonnes, marking a 15-year low for the first quarter.

SILVER

COMEX silver prices settled at $58.9965 on Thursday, but prices are still struggling to gain momentum and surge beyond the psychological level of $61. However, the prices are expected to remain supported on cooling US inflation numbers, slowing down US GDP to 1.5% in Q2 against 2.1% reported in the previous quarter. But the war situation is capping the upside. Fall in crude oil prices with a weakening dollar index is expected to provide support to the silver prices, which may further reach $61. Upside can only be expected above the mark of $61.

CRUDE

Brent crude oil prices  are sustaining near the mark of $85, with daily loss of 1.63%, amid profit booking at higher levels, as prices surged from recent lows of $75. Despite no conclusion from the war end, oil prices are facing resistance at $90. Only sustained trading above the mark of $90, would open the door for further upside, else we may see prices again reaching for $80, if it fails to sustain the mark of $85. Its downside is expected to remain limited, till the US-Iran war does not subside, as it is affecting the transportation of oil from major routes like Strait of Hormuz and Red sea .

COPPER

MCX copper prices traded above the mark of  ₹1324,and settled the day at the level of ₹1336 amid falling inventory, along with supply disruption and exponential rise of demand for copper amid rise in EV, AI and green energy. As of July 29, 2026, LME copper warehouse stocks stood at 262,300 tonnes, continuing a multi-week drawdown from late-spring highs above 390,000 tonnes.  If Copper prices breaches the mark of ₹1340, can push the prices towards the mark of ₹1360. However, falling below 1324, would trigger weakness to the level of 1310.

COMMODITY LEVELS:

Evening Commodity Trading Guide 31^st Jul 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract maintains a technical stance in line with COMEX. Immediate overhead supply is positioned at ₹1,44,000 – ₹1,45,000, while fundamental support is established within the ₹1,43,000 – ₹1,42,200 zone. Chart setups indicate that prices 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 systematically accumulate core exposure.

COMEX Gold (Spot): Spot gold exhibits a Sideways to Bearish Sentiment as markets digest fluctuating macroeconomic trends. Immediate resistance is marked near $4,080 – $4,120, while key downside support levels rest around $4,020 – $3,970.

Overall View: Gold remains range-bound with a cautious bias, requiring discipline near upper supply boundaries. Short-term traders should avoid aggressive long positions near resistance zones where profit-taking is prone to materialize. For long-term allocators, scaled-in accumulation during structural pullbacks remains a favored approach.

Silver Technical Outlook

MCX Silver (Sept): Tracking international trends, the active September contract maintains sentiments in line with COMEX. Overhead resistance stands firm at ₹2,19,000 – ₹2,21,800, while support is expected near ₹2,16,200 – ₹2,14,500. Market metrics suggest the metal may see Profit Booking from Higher levels, so be cautious near resistance levels. At the same time, long-term investors can consider buying in small amounts on every dip to build long-term positions within major value regions.

COMEX Silver (Spot): Spot silver carries a Sideways to Bearish Sentiment trajectory as industrial demand expectations balance against technical retracements. Resistance hurdles are placed at $58.50 – $60, while initial support buffers are likely around $57.50 – $55.50.

Overall View: Silver continues to consolidate inside a wide band, making precise risk management essential. Traders should refrain from chasing momentum close to overhead resistance zones. Systematic accumulation on dips remains a structured option for long-term participants.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): The active August contract trades in line with International NYMEX Spot prices, holding a defensive technical posture. Recovery attempts continue to face selling pressure, establishing resistance at ₹8,200 – ₹8,450. Key structural support is identified at ₹8,000 – ₹7,800. Under this configuration, the primary trading directive is Sell on Rise. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil reflects a Sideways Sentiment pattern as supply-demand fundamentals fluctuate. Technical resistance stands at $86 – $88.50, while key support levels are seen between $83.50 – $81.

Overall View: The crude oil complex favors short-side setups on corrective rallies toward resistance levels. Given that ongoing geopolitical headlines can trigger sharp intraday volatility, maintaining strict stop-loss limits and modest position sizing is crucial.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking global trend, the active August contract demonstrates a constructive technical base. Overhead resistance is positioned at ₹384.50 – ₹386.50, while immediate support is located at ₹382 – ₹380. Technical projections indicate that prices 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 displays a Bullish Sentiment structure, supported by steady physical market demand and firm inventory dynamics. Overhead technical resistance stands at $3,640 – $3,660, while key support levels are seen between $3,610 – $3,590.

Overall View: Zinc presents an optimistic near-term bias with strong upside potential upon a confirmed and sustained breakout above the immediate resistance barrier. Market participants should monitor price action closely for continuation signals while keeping risk parameters tight.

Commodities: Pivot Table

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