Morning Commodity Market Snapshot

GOLD

COMEX gold extended its gaining streak for the third consecutive trading session, with prices reaching above the crucial resistance of $4150, and is seen currently trading near the mark of $4180. Strength in gold prices are seen amid weak US job data, which is easing the concern of interest rate hike in near term. As per the Labor Department’s Bureau of Labor Statistics, Nonfarm payrolls increased by 57,000 jobs in June, much lower than the mark expectation of 110K.Thus as per the CME fed watch tool, markets are now expecting 54% chance of a rate hike in September, down from 66% before the labour data was released.

SILVER

COMEX Silver prices extended the previous day’s gain and are finally hovering near the level of $61, amid soft US job data and weakness in the dollar index which has plunged below the mark of 101. As per the latest data released,  the US economy added just 57K jobs in June, the fewest in four months and well below forecasts of 110K, while the unemployment rate stood at 4.2%. Silver prices have already risen above the psychological barrier of $61, thus consistent trading above the mark of $61, would take the prices towards the level of $64.

CRUDE

Oil prices are starting to creep back up, with Brent crude pushing past the $71 mark as buyers step in at lower levels. This brings prices back down to pre war levels. However, the overall market remains on shaky ground. Oil supplies are steadily returning to normal now that commercial ships are safely moving through the Strait of Hormuz again, largely thanks to breakthroughs in US-Iran diplomatic talks. In fact, Saudi Arabia’s crude exports have already recovered to roughly 90% of their pre-war volumes as more tankers successfully navigate the critical shipping route. Adding to this downward pressure on prices, President Donald Trump noted that discussions with Iran are moving in the right direction. This follows a series of independent meetings in Doha on Wednesday, where mediators from Qatar and Pakistan met with both American and Iranian officials.

Copper

MCX copper prices have managed to respect the key support level of Rs1200, closing session at Rs1285, amid signs of stronger demand from China. Further, if copper sustains the current level of Rs1280, prices will get technical push towards the level of Rs1290-Rs1300.

COMMODITY LEVELS:

Evening Commodity Trading Guide 03^rd Jul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract has entered a stronger consolidation phase, keeping its short-term sentiments in line with COMEX. The asset is gradually pushing higher, carving out a firm trading range with overhead resistance positioned at ₹1,48,500 – ₹1,50,000. On the lower boundary, a reliable structural demand floor rests between ₹1,47,000 – ₹1,45,500. Technical setups indicate the yellow metal may see an upmove after sustaining above the resistance zone, but stay cautious until a definitive breakout attracts heavy volume.

COMEX Gold (Spot): Spot gold continues to trade with a positive Sideways to Bullish Sentiment profile as immediate liquidation trends dry up and underlying safe-haven buying exhibits a modest expansion. This constructive structure leaves immediate technical resistance established near $4,220 – $4,280. Downside risks appear neatly insulated for the time being, with key support levels seen holding robustly across a wide band near $4,160 – $4,120.

Overall View: With the short-term indicators leaning constructively higher, avoiding chasing overextended positions in the middle of the value band remains the most prudent path. Shorter-term momentum players should trade range extremes with strict risk definition, focusing on strong hourly closes above local resistance bands. For strategic portfolio builders, this upward bias offers a solid entry window; long-term investors can consider buying in small amounts on every dip inside primary demand channels to efficiently average out entry pricing.

Silver Technical Outlook

MCX Silver (Sept): The active September contract showcases a highly resilient chart profile on domestic bourses, keeping near-term sentiments in line with COMEX. Immediate recovery advances are testing higher distribution boundaries, placing major technical resistance at ₹2,39,000 – ₹2,42,500. On the flip side, dynamic downside safety nets for underlying buyers are well-entrenched, with support expected near ₹2,36,000 – ₹2,33,000. As buying aggression stabilizes near key value fields, charts show the white metal may see an upmove after sustaining above the resistance zone, but stay cautious but stay cautious until an objective close confirms momentum expansion.

COMEX Silver (Spot): Spot silver carries a favorable Sideways to Bullish Sentiment profile as industrial demand projections and short-term accumulation align to push prices higher. The white metal faces immediate technical ceilings, with resistance levels tightly placed at $63.80 – $64. On the lower end, potential stabilizing zones are likely around the key support levels of $61.50 – $60.30.

Overall View: The momentum across the silver complex heavily favors an upward bias within an established technical range, meaning patience and strict boundary discipline near critical milestones 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 consolidation remains fundamentally healthy; long-term investors can consider buying in small amounts on every dip within core demand pockets to steadily 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 ₹313 – ₹320. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹305 – ₹298. Because the commodity remains stuck in a broad range, so sell on rise and buy on dips can be the strategy to follow until important levels break.

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 $3.24 – $3.32. On the lower boundary, pullbacks are being steadily caught by structural buyers, keeping key support levels well-entrenched between $3.18 – $3.12.

Overall View: The energy matrix is currently trapped in a choppy, range-bound pattern, suggesting a highly disciplined tactical approach near the established boundaries rather than aggressive directional positioning. Because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Lock in partial profits at regular technical intervals, manage position sizes strictly within risk parameters, and use strict trailing stop-losses to hedge against swift, sudden reversals.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking the global trend, the domestic July contract continues to display a strong structural foundation. Short-term sellers are actively clustering near the immediate overhead resistance band at ₹367 – ₹372, while long-term demand forces wait to absorb localized soft patches at the support floor of ₹362 – ₹356. Given the current structural positioning, the primary intraday blueprint centers on a tactical “Buy on dips” scenario near these vital support baselines.

COMEX Zinc (Spot): COMEX Zinc continues to navigate a stable Sideways to Bullish Sentiment block, taking a technical breather just below multi-week milestones. Immediate overhead friction stands at $3,560 – $3,600, acting as the current threshold for breakout buyers. Meanwhile, downside exposure remains well-insulated, with key support levels seen holding robustly between $3,510 – $3,470 to maintain structural equilibrium.

Overall View: The industrial metal remains in a healthy foundational phase, making strategic accumulation near primary support channels a high-probability playbook. Nonetheless, because macro variables and supply-chain logistics remain highly fluid, sudden turns in headline risk can quickly alter near-term trends. Traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Lock in partial profits at regular technical intervals and rely on robust risk management rules to protect trading capital.

Commodities: Pivot Table

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