COMMODITY MARKET (5th Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with positive bias and managed to gain momentum and reach above the mark of $4100, and is currently trading near the mark of $4135, amid weak job numbers, along with expectation of US-Iran peace talk along with fall in crude oil prices. Brent crude has gone below the mark of $80, further JOLTS job opening was recorded at 7.36 much less than the market expectation and previous month’s number  of 7.44M and 7.54M, thus looking over the chances of rate hike in the coming meeting due in September, help elevate the gold prices.

SILVER

COMEX silver prices took cue from macro economic factors like falling crude oil prices below the mark of $80, along with easing inflationary concern, and weak US job numbers. Thus, supporting factors helped silver prices to trade above the mark of $60, in the wee hours of the trading session on Wednesday. Downside in prices remain capped as, market awaits US economic numbers, that are due to be released this week, providing more cues on the US economy which will ultimately have an effect over silver prices in the longer term. Silver prices must trade above the mark of $61, to gain strength to reach for the upside destination of $64-$67.

CRUDE

Brent crude oil prices slipped below the $80 threshold to around $77.62, pressured by optimism surrounding US-Iran talks. Markets responded after Donald Trump raised the prospect of reopening the Strait of Hormuz, a sentiment reinforced by Qatar’s announcement of a draft proposal and progress reports from both Washington and Tehran. If Brent remains sustained below $80, prices could face further downside toward $75 or lower.

COPPER

MCX copper has priced above the level of  ₹1350,and settled the day at the level of ₹1365 amid falling inventory, along with supply disruption and rise in demand for copper due to rise in EV, AI and green energy. If Copper price sustains above the mark of ₹1360, it can push the prices towards the mark of ₹1380. However, falling below 1340, would trigger weakness to the level of 1324.

Commodity Levels:

Evening Commodity Trading Guide 05^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract maintains a firm bullish structure, keeping its sentiment in line with COMEX. The contract has broken through previous resistance bounds, placing immediate overhead resistance higher at ₹1,48,000 – ₹1,50,000, while a strong underlying support zone is established between ₹1,45,800 – ₹1,44,000. Under this constructive chart pattern, the primary tactical directive is Buy on Dips. For strategic portfolio builders, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions within core value regions.

COMEX Gold (Spot): Spot gold displays a strong Bullish Sentiment as global demand and supportive macroeconomic trends accelerate momentum. Immediate resistance is now positioned near $4,220 – $4,280, while key structural support levels are seen near $4,150 – $4,080.

Overall View: Gold has transitioned into a robust bullish expansion phase. Tactical momentum favors buying order-book pullbacks toward nearby support levels rather than chasing momentum at vertical highs.

Silver Technical Outlook

MCX Silver (Sept): Reflecting global strength, the active September contract continues its strong upward trajectory, keeping sentiments in line with COMEX. Technical overhead resistance stands higher at ₹2,29,000 – ₹2,33,000, while firm downside support is expected near ₹2,25,000 – ₹2,21,000. With upside momentum intact, the primary trading directive is Buy on Dips. Simultaneously, long-term investors can consider buying in small amounts on every dip to construct core long-term exposure.

COMEX Silver (Spot): Spot silver carries a high-conviction Bullish Sentiment profile. Key resistance levels have shifted upward to $63 – $66, while downside support buffers are likely established around $60.50 – $58.

Overall View: Silver remains firmly in a bull trend, benefiting from strong speculative and physical inflows. Market participants should utilize intraday pullbacks into support zones to structure risk-defined long entries.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): The active August contract continues to trade in line with International NYMEX Spot prices, holding a defensive technical posture. Relief rallies encounter persistent overhead supply, placing resistance lower at ₹7,350 – ₹7,550. Structural support rests at ₹7,150 – ₹6,900. Under this prevailing weakness, the tactical preference remains Sell on Rise. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil maintains a Bearish Sentiment structure as market focus remains on demand headwinds and inventory dynamics. Overhead resistance stands at $77.50 – $81, while key support levels are seen between $75 – $71.

Overall View: The crude oil complex favors short-side strategies on technical price bounces toward overhead supply zones. Given the persistent risk of geopolitical news flow driving rapid price spikes, strict stop-loss protection remains essential.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking the global trend, the active August contract maintains a well-defined bullish structure. Immediate technical resistance is positioned at ₹390.50 – ₹394.50, while solid demand underpins support between ₹386.50 – ₹383. Under this technical alignment, the primary strategy remains 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 stance, supported by ongoing supply-side disruptions and solid industrial demand. Technical resistance is marked at $3,700 – $3,740, while key support levels hold firm between $3,660 – $3,630.

Overall View: Zinc presents a favorable risk-reward setup for buyers, with pullbacks offering structured entry points. Position sizing should remain disciplined to navigate broader market volatility.

Commodities: Pivot Table

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