COMMODITY MARKET (3rd Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with positive bias and managed to gain 0.58% in the early hours of the trading session in COMEX to trade at the level of $4065. The upside in the bullion prices is supported by the reports of expectation of talk between US-Iran, as US president Trump hinted at resuming talk with Iran from today. This has ultimately put pressure on oil prices, as Brent continues to trade below the mark of $85, thus easing the inflation concern and interest rate hike. However, further upside in gold will only be witnessed, after the yellow metal crosses the mark of $4150.

SILVER

COMEX silver prices traded with positive bias and continued to trade near the mark of $58 with a gain of 1.02% from Friday’s close of $57.58. Silver prices were supported by the the news of  peace talks of US with Iran which is expected to resume today, which weighed on oil prices thus easing concerns over inflation and the interest rate outlook. Further Trump also informed that Middle Eastern allies, including Saudi Arabia has urged him to suspend planned strikes and pursue a diplomatic agreement instead, with emphasis of opening of Strait of Hormuz at the earliest possible. But further upside rally in silver can only be witnessed once it breaches the mark of $61.

CRUDE

Brent crude oil prices  gave a gap down opening and is currently trading at the level of $82.64, below its crucial support of $85, thus making oil prices further weaker along with positive development in US-Iran war also weighed on the oil prices. Further OPEC has also  approved another modest increase in production quotas by 188,000bpd from September, completing the planned restoration of output cuts of 1.65 million bpd voluntary cut introduced in 2023 and leaving room to boost supplies further once the Middle East conflict comes to an end. Thus, if prices fall below $80, then we can see further weakness in oil prices.

COPPER

MCX copper prices traded above the mark of  ₹1340,and settled the day at the level of ₹1341.45 amid falling inventory, along with supply disruption and exponential rise of demand for copper amid rise in EV, AI and green energy. If Copper prices sustains above 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.

Evening Commodity Trading Guide 03^rd Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract exhibits a cautious momentum profile, keeping its sentiment in line with COMEX. Immediate overhead supply is positioned at technical resistance around ₹1,44,000 – ₹1,45,000, while downside support is identified between ₹1,43,000 – ₹1,42,000. Dynamic chart patterns indicate that the contract 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 build core allocations.

COMEX Gold (Spot): Spot gold retains a Sideways Sentiment as traders navigate currency fluctuations and shifting macroeconomic indicators. Near-term supply pressure is marked near resistance at $4,080 – $4,120, whereas key technical support levels rest between $4,020 – $3,970.

Overall View: Gold remains inside a consolidation range, favoring disciplined execution near key boundaries. Short-term active traders should refrain from buying aggressively near resistance levels where profit-taking is likely to emerge. For long-term investors, incremental scale-in purchases during corrective dips toward support zones offer a structured strategy.

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues to navigate a defined trading corridor, keeping sentiments in line with COMEX. Immediate recovery moves are meeting selling pressure near resistance at ₹2,19,500 – ₹2,22,000, while downside support is expected near ₹2,16,000 – ₹2,13,800. Technical indicators suggest the market 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 construct exposure inside core value bands.

COMEX Silver (Spot): Spot silver carries a Sideways Sentiment profile as industrial demand projections align with speculative positioning. Overhead resistance stands at $58.50 – $59.50, while base support buffers are likely around $57.50 – $56.40.

Overall View: Silver continues to trade inside a bounded range, where boundary-level discipline remains critical. Traders should avoid buying close to upper resistance levels due to the elevated risk of profit booking. For patient long-term allocators, systematic purchases on interim price declines offer an effective accumulation approach.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): The active August contract trades in line with International NYMEX Spot prices, displaying a weak technical structure. Overhead recovery attempts continue to encounter aggressive selling, placing technical resistance at ₹7,750 – ₹8,000. On the downside, key support rests at ₹7,500 – ₹7,200. Technical analysis indicates that weakness in prices may continue after breaching the support zone. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil exhibits a Bearish Sentiment structure as supply dynamics and global demand headlines weigh on the complex. Immediate resistance stands at $81.20 – $84, while key support levels are seen between $79 – $76.

Overall View: The crude oil complex maintains a defensive technical stance, with downside momentum threatening further breakdowns upon a loss of key support zones. Given the heightened intraday volatility driven by headline risks, maintaining strict stop-loss discipline and conservative position sizing is essential.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking global trend, the active August contract demonstrates a bullish technical base. Overhead resistance is positioned at ₹390.50 – ₹394.50, while immediate demand holds key support between ₹386.50 – ₹383. Under this constructive chart configuration, the primary trading strategy is Buy on Dips. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc reflects a Bullish Sentiment profile, supported by steady physical demand metrics and favorable inventory flows. Resistance stands at $3,700 – $3,740, while key support levels are seen between $3,660 – $3,630.

Overall View: Zinc presents a favorable technical structure, supporting long-side setups on corrective dips toward support limits. Traders should utilize pullbacks to establish risk-defined positions while keeping strict risk parameters intact amid persistent market volatility.

Commodities: Pivot Table

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