COMMODITY MARKET (6th Aug 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold traded with positive bias and managed to gain momentum and reach above the mark of $4250, and is currently trading near the mark of $4277, amid agreement reached between Iran-Oman on proposed shipping routes through Strait of Hormiz, which has pushed oil prices down to the level of $78.99, But Iran also informed that that route is open temporary for 2-4 months. Further talks between US-Iran are still going on that also brought in positive hopes into the bullion market, amid easing inflationary pressures. Thus if gold prices surge above the mark of 7280 and sustained trading above 7300, it may further push towards 6350. However, any profit booking may lead gold prices to take a breather towards the mark of $7250.

SILVER

COMEX silver prices managed to trade above the crucial resistance of $61, and are currently trading near the mark of $62.32. The upside in the silver pieces is supported by an agreement about the Strait of Hormuz that has been reached between Iran-Oman, though it is a temporary agreement of 2-4 months, which has put pressure on oil prices easing inflationary concern and fading the worries of rate hike. With US-Iran still in talks is also giving hopes to the market, which is expected to put more pressure on oil and push silver prices higher towards the mark of $64-67.

CRUDE

Brent crude oil prices slipped below the $80 threshold to around $78.96, but with a daily gain of 0.37% at the early hours of Thursday’s trading ,a mid bargain buying at lower levels. But Oil prices continued to be under pressure and upside is expected to remain limited as Iran-Oman has reached an agreement to open Strait of Hormuz tax free for 60 days, further decision on US lifting blockade is also due soon, that will further give direction to oil prices.

COPPER

Amid continuous fall in inventory along with supply disruption and rise in demand, is pushing copper prices higher.  MCX copper prices on Wednesday traded above the mark of  ₹1360, and settled the day at the level of ₹1373.80. Thus, If Copper prices sustains above the mark of ₹1370, can push the prices towards the mark of ₹1390. However, falling below 1350, would trigger weakness to the level of 1340.

Evening Commodity Trading Guide 06^th Aug 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract maintains strong bullish momentum, keeping its sentiment in line with COMEX. Overhead resistance has shifted higher to ₹1,50,000 – ₹1,52,500, while a firm support zone holds between ₹1,48,000 – ₹1,46,000. Under this constructive chart structure, the tactical preference remains Buy on Dips. For strategic portfolio allocators, long-term investors can consider buying in small amounts on every dip to systematically accumulate core exposure inside key value bands.

COMEX Gold (Spot): Spot gold retains a Bullish Sentiment profile as upside momentum builds following steady safe-haven buying and a softer dollar. Immediate technical resistance is marked near $4,280 – $4,350, with solid baseline support expected around $4,220 – $4,150.

Overall View: Gold remains firmly entrenched in an upward trajectory. Tactical traders should continue focusing on buying orderly pullbacks toward baseline support levels rather than buying at extended resistance levels.

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues its strong upward path, keeping sentiments in line with COMEX. Technical overhead supply is positioned at ₹2,29,000 – ₹2,33,000, with immediate support expected around ₹2,25,000 – ₹2,21,000. With the positive bias firmly intact, the primary directive is Buy on Dips. Likewise, long-term investors can consider buying in small amounts on every dip to steadily build long-term holdings.

COMEX Silver (Spot): Spot silver carries a high-conviction Bullish Sentiment structure. Key overhead resistance levels are placed at $63 – $66, while structural support buffers hold firm near $60.50 – $58.

Overall View: Silver continues to favor long-side setups on brief technical consolidations. Traders should wait for shallow corrective dips into technical support zones to structure risk-defined long positions.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): The active August contract remains in line with International NYMEX Spot prices, bound by a defensive chart structure. Relief rallies face immediate supply overhead, with resistance lowered to ₹7,300 – ₹7,500. Key technical support holds between ₹7,150 – ₹7,000. Given the ongoing price weakness, the tactical mandate 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 exhibits a Bearish Sentiment pattern as demand concerns continue to suppress prices. Technical resistance stands at $77.50 – $79, while downside support levels are seen between $75 – $73.

Overall View: The crude oil complex favors shorting intraday bounces toward overhead resistance limits. Given persistent headline risks and sudden geopolitical updates, keeping strict stop-losses is crucial for managing exposure.

Zinc Technical Outlook

MCX Zinc (Aug): Directly tracking the global trend, the active August contract maintains a well-defined bullish structure. Overhead resistance has stepped up to ₹398 – ₹400, while strong underlying demand underpins support at ₹394 – ₹391. Under this favorable technical setup, 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 profile, driven by solid industrial demand and firm cash market fundamentals. Resistance stands higher at $3,800 – $3,850, while key support levels are seen between $3,760 – $3,715.

Overall View: Zinc maintains a strong chart structure, favoring long entries on minor price pullbacks toward key demand buffers. Traders should maintain strict risk control to navigate broader commodity market volatility.

Commodities: Pivot Table

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