GOLD

COMEX gold prices are experiencing a downturn, dropping 0.53% to settle around $4,724.80 (previously noted near $4,688.51) as geopolitical friction outweighs traditional safe-haven demand. This decline follows President Trump’s blunt dismissal of Iran’s latest proposal, which he labeled “totally unacceptable” because it sought to retain nuclear infrastructure while only relocating enriched uranium.

SILVER

Silver prices are also showing weakness, as it is seen trading down by 0.42% near $79.927 at the early hours of the trading session on Monday. Renewed tension in the Middle East, along with Trump’s statement on Iran’s proposal as totally unacceptable, has again pushed oil prices up, thus increasing inflationary pressure. This is raising concerns over rising interest rates, which are expected to ultimately weigh on silver prices and drag it down.

ENERGY

WTI crude futures climbed over 4% to approximately $98.64 per barrel as escalating geopolitical friction in the Middle East threatens global supply stability. Market volatility is being fueled by a diplomatic impasse, specifically regarding Iran’s latest communication with mediators which notably bypassed key nuclear program concessions.This combination of stalled diplomacy and renewed regional hostilities continues to provide significant upward momentum for energy prices.

BASE METAL

MCX copper remained resilient above the 1,300 threshold, peaking at Rs1,328 as market sentiment rallied around long-term structural demand. This bullish outlook is primarily driven by massive investments in artificial intelligence infrastructure, the expansion of clean energy, and the modernization of global power grids. However, the rally is equally supported by tightening supply chains. Regional instability in the Middle East has hampered the transport of sulphuric acid, a vital component in the copper refining process.As major importers like India, Chile, and Indonesia face these critical shortages, the resulting production hurdles are placing significant upward pressure on copper prices.

Evening Commodity Trading Guide 11th May 2026 

Gold Technical Outlook

MCX Gold (Jun): The domestic June contract continues its range-bound dance, closely following the trend as COMEX. Upward movements are facing notable roadblocks near the immediate resistance zone positioned at ₹1,52,600 – ₹1,53,800. On the flip side, critical downside cushions are neatly layered within the support zone of ₹1,51,500 – ₹1,50,000. Given the current structural positioning, the primary intraday blueprint shifts to a tactical “Buy on Dips” scenario near these vital baselines.

COMEX Gold (Spot): Spot gold is currently experiencing a Mixed Sentiment as market participants cross-examine fluctuating macro indicators against underlying safe-haven needs. This pull-and-push dynamic keeps price action confined, with immediate resistance established near $4,700 – $4,760. Conversely, downside exposure appears well-insulated for now, with key support levels firmly visible near $4,650 – $4,600.

Overall View: Because the precious metal is grinding through a transitional phase without an aggressive directional bias, precision in execution is paramount. For short-term trading, remain cautious and practice high boundary discipline. For long-term portfolio builders, however, this non-linear phase acts as a textbook accumulation window; long-term investors can consider buying in small amounts on every dip inside the primary support bands to smoothly balance their overall cost matrix.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract continues to look structurally resilient on the daily charts, faithfully tracking global trends as COMEX. Short-term upward spikes are encountering a defined pocket of supply, with technical resistance standing at ₹2,66,000 – ₹2,70,500. Meanwhile, pullbacks are expected to find an eager safety net near the support zone of ₹2,62,000 – ₹2,57,000, reinforcing a dependable “Buy on Dips” trade setup.

COMEX Silver (Spot): Spot silver is maintaining a stable Sideways to Bullish Sentiment as industrial demand projections continue to absorb localized macro headwinds. The white metal is actively probing higher limits, with technical resistance levels placed at $81.60 – $83.30. On the lower end, immediate demand layers are resetting higher, with major supports likely around $80.50 – $79 keeping the baseline structure constructive.

Overall View: The broader underlying structure remains healthy for silver, making minor technical drawdowns a favorable entry point for market bulls. Nonetheless, because silver is inherently volatile, for short-term trading, remain cautious and avoid over-leveraging. For structural market participants looking ahead, long-term investors can consider buying in small amounts on every dip inside the ₹2,62,000 – ₹2,57,000 support structure to optimize core positioning ahead of the next major extension.

Crude Oil Technical Outlook

MCX Crude Oil (May): Concurrently tracking the global trend, the domestic May contract reflects a highly reactive intraday frame. Initial recovery attempts are confronting immediate overhead friction at the resistance band of ₹9,500 – ₹9,700. On the downside, the primary defensive lines for bulls are well-entrenched, with key support seen at ₹9,250 – ₹9,050. Charts indicate that the asset may see an upmove after sustaining above the resistance zone, potentially confirming a short-term breakout.

NYMEX Crude Oil (Spot): WTI Crude Oil has entered a phase of Mixed Sentiment as supply-side buffers and changing global stock projections create a temporary tug-of-war. Relief rallies face immediate overhead caps, with resistance standing at $100 – $103. Downside moves, however, continue to be actively picked up by buyers, with key support levels seen between $97 – $94 keeping the structural equilibrium stable.

Overall View: While a definitive break above immediate technical barriers could invite fresh momentum buying, the energy matrix is susceptible to rapid intraday swings. Traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Manage trade parameters aggressively, apply strict trailing stop-losses, and be prepared for sudden headline-driven volatility spikes near technical borders.

Copper Technical Outlook

MCX Copper (May): Directly tracking the global trend, the domestic May contract maintains a fiercely constructive technical layout on all major timeframes. Intraday advances face immediate friction around the key resistance band at ₹1,355 – ₹1,364. Meanwhile, an extraordinarily sturdy base of demand is waiting underneath to absorb brief price pullbacks, with reliable structural support expected near ₹1,343 – ₹1,333, supporting a highly reliable “Buy on Dips” market strategy.

COMEX Copper (Spot): Spot copper continues to march ahead with a firm Bullish Sentiment, fueled by ongoing green-energy infrastructure commitments and tighter physical market spreads. The red metal is actively confronting upper milestone targets, with immediate overhead resistance standing at $6.46 – $6.53. On the flip side, seller dominance remains limited, with key support levels firmly established between $6.37 – $6.32.

Overall View: The primary technical blueprint favors the bulls, making long exposure near immediate support levels or breakout channels the preferred strategic route. However, because industrial metals remain highly sensitive to broader macro shifts, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Lock in partial profits at regular intervals and ensure risk controls are tightly managed to guard against sudden price turnarounds.

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