COMMODITY MARKET (5th Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold futures on the COMEX is trading with positive bias and respected its near term support at the level of 4110, and is currently trading near the mark of $4157. Positivity in the yellow metal is attributed to fading chances of interest hike in October, as US job growth slowed more than market expectation ​in September, and the nonfarm payrolls count for the prior two months were also revised sharply lower.Now the probability of rate hike stands at merely 22% from previous week’s 64%. Thus, if prices managed to sustain above the mark of $4160, we may see gold prices yet again moving towards the mark of $4180-$4200.

SILVER

COMEX silver contracts are advancing, climbing approximately 1.3% to trade around $61.23. This upward momentum is largely driven by a cooling U.S. employment landscape and diminishing market expectations of an interest rate increase in October. Nonfarm payrolls expanded by merely 29,000 in September, trailing well behind the forecasted 90,000 positions and coming off August’s downward revision to 133,000 additions. Concurrently, the jobless rate climbed to 4.2%, and yearly wage inflation eased to 3.0%, marking its slowest expansion since May 2021. From a technical perspective, holding support above the $61 threshold could clear a path for the metal to test $65 in the coming sessions.

CRUDE

Brent crude dipped 1.32% to hover around $100.38, down from its prior close of $102.09, as traders locked in gains after recent highs. Prices maintain strong upward support from escalating Middle Eastern geopolitical risks and OPEC+ supply constraints. In Yemen, Saudi-supported troops initiated an extensive offensive to reclaim territory held by the Iranian-aligned Houthis, following weeks of heightened friction. Against the backdrop of these ongoing regional supply threats, major OPEC+ producers convened over the weekend and resolved to keep their output targets steady for the upcoming month. The alliance’s choice to hold output flat coincides with benchmark crude hovering near the triple-digit threshold and retail diesel costs touching all-time highs, which has led the Group of Seven (G7) economies to tap into their strategic petroleum stockpiles to counter persistent market shortfalls.

Copper

Copper futures failed to sustain the mark of ₹1400 and plunged to settle the day at ₹1399.60,. But downside remained capped and prices are still above its crucial support level of ₹1385, amid robust consumption in the power and electrification sectors. Supportive Fundamentals like supply concerns, as per the latest report production in Chile fell by 12.8% on Year on Year basis in August. From a technical perspective, if prices maintained the levels above ₹1,400, the pathway opened for a retest of ₹1,407-1410. But a fall under ₹1,400 might trigger a short-term pullback, falling into the ₹1,385 support level.

Commodity Levels:

Evening Commodity Trading Guide 05^th Oct 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract reflects an ongoing corrective posture, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,51,000 – ₹1,52,000, while the primary support zone lies between ₹1,49,000 – ₹1,48,000. Technical analysis indicates that bounce is seen from lower levels, it may continue showing positive momentum if it breaches the resistance zone. For strategic long-term allocation, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions.

COMEX Gold (Spot): Spot gold displays a Sideways Sentiment profile as price action trades beneath immediate resistance barriers. Resistance is identified near $4,200 – $4,250, while key underlying support levels are seen near $4,125 – $4,080.

Overall View: Gold has transitioned into a sideways consolidation phase following a rebound from lower support zones. Tactical traders should watch for a decisive momentum breakout above overhead resistance boundaries, while strategic investors can continue phased, dollar-cost averaging on price dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face downside pressure near key structural thresholds, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,30,000 – ₹2,34,000, with support expected near ₹2,26,000 – ₹2,23,000. Technical analysis suggests trading in range; a bounce is seen from lower level if sustained above the resistance zone, a more positive move can come but be causious. Simultaneously, long-term investors can consider buying in small amounts on every dip to build core long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a Sideways Sentiment setup. Overhead resistance levels are placed at $62.20 – $64, while key support buffers are likely established around $60.40 – $59.

Overall View: Silver presents a range-bound technical layout with ongoing consolidation. Selling interest is expected near resistance limits, but a sustained breakout above overhead resistance could unlock further positive momentum, warranting cautious positioning.

Crude Oil Technical Outlook

MCX Crude Oil (Oct): Trading in line with International NYMEX Spot prices, the October contract displays range-bound consolidation with restricted upside momentum. Technical resistance is positioned at ₹8,800 – ₹9,000, while immediate support rests between ₹8,700 – ₹8,520. Technical analysis suggests selling pressure may arise at higher levels and bounce can be seen from support levels Stuck in Range so stay cautious. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Sideways to Bearish Sentiment profile as upside momentum attempts to stabilize above key moving averages. Resistance stands at $92 – $94, while key support levels are seen between $89.50 – $88.

Overall View: Crude oil remains confined within a defined two-way range. Expect capped gains near overhead resistance and responsive technical buying near support levels, with strict risk management required due to ongoing geopolitical risks.

Aluminium Technical Outlook

MCX Aluminium (Oct): Directly tracking global trend, the active October contract experiences minor near-term consolidation within a broader range-bound structure. Technical resistance is positioned at ₹340 – ₹344, while key support underpins price action between ₹334 – ₹328. Technical analysis indicates bounce is seen from lower levels and can show positivity if sustained above the resistance zone, but overall with a bit of negative bias, so selling pressure may arise from Higher zones. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Aluminium (Spot): LME Aluminium holds a Mixed Sentiment profile as price action consolidates between well-defined parameters. Overhead resistance stands between $3,140 – $3,170, while key support levels are established between $3,100 – $3,060.

Overall View: Aluminium presents a range-bound technical layout with an underlying negative tilt. While lower levels may trigger technical bounces, overhead resistance is likely to cap upside attempts.

Commodities: Pivot Table

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