Morning Commodity Market Snapshot

GOLD

COMEX gold prices are trading slightly lower today, hovering around $4,150 with a 0.35% daily decline. This downward pressure is primarily driven by a stronger US dollar and heightened investor caution ahead of the Wednesday release of the Federal Reserve’s FOMC minutes. Market participants will closely scrutinize these minutes for insights into the future direction of U.S. monetary policy, meaning any unexpected revelations could trigger significant market volatility. Additionally, major banks project that limited demand for the precious metal throughout the year will likely keep a lid on any major price rallies.

SILVER

COMEX Silver prices are seen trading with sluggish momentum, with prices h=hovering near its psychological level of $61, amid strength in the dollar index. Further investors are eagerly waiting for the FOMC minute, that would clear the US; stance on the interest in the later half of the year. But down side in the silver prices remain capped, amid lower US labor data, that had reduced the probability of increasing interest rate to 55% in September from earlier 67% as per the CME fed tool watch. On technical front, if silver prices remain over the level of $61, it would be ranging towards the level of $67.

CRUDE

Oil prices are starting to creep back up, with Brent crude pushing past the $72 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. As per the latest report minimum eight Japan-linked ships exited the Strait of Hormuz, including five supertankers capable of carrying 2 million barrels of crude each. Saudi Arabia OPEC+ members, decides to increase production quotas over the weekend for next month, would increase expectations of stronger global supply, which could further put pressure on the oil prices.

Copper

MCX copper prices have managed to respect the key support level of Rs1280, closing session at Rs1287.40, 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 07^thJul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract continues to consolidate within a well-defined horizontal band, keeping its short-term sentiments in line with COMEX. Overhead supply clusters are creating a firm technical ceiling, leaving immediate resistance positioned at ₹1,47,000 – ₹1,48,000. On the lower boundary, vital structural cushions are holding between ₹1,45,000 – ₹1,43,800. Charts indicate that the yellow metal may see an Upmove after sustaining above the resistance zone, but stay cautious until a high-volume breakout signals a clean momentum expansion.

COMEX Gold (Spot): Spot gold continues to trade with a steady Sideways Sentiment profile as immediate liquidation momentum exhausts itself and market participants await fresh macroeconomic catalysts. This range-bound structure leaves immediate technical resistance established near $4,170 – $4,220. Downside protective barriers remain firm for the time being, with key support levels identified near $4,130 – $4,080.

Overall View: Because the yellow metal is currently lacking an aggressive directional trigger, avoiding chasing overextended positions in the middle of the value band remains the most prudent path. Short-term momentum players should focus on clear risk-defined parameters near range extremes, waiting for sustained hourly closes to signal directional commitment. For strategic portfolio builders, this non-linear phase represents a constructive accumulation window; long-term investors can consider buying in small amounts on every dip inside the core support bands to balance out their entry costs effectively.

Silver Technical Outlook

MCX Silver (Sept): The active September contract showcases a resilient stabilization structure on domestic charts, keeping near-term sentiments in line with COMEX. Immediate counter-trend advances face a visible wall of supply, leaving major technical resistance standing at ₹2,33,500 – ₹2,36,500. Conversely, dynamic safety nets for buyers remain well-entrenched, with support expected near ₹2,30,000 – ₹2,26,500. As prices pick up near key value fields, charts indicate that 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 is flashing a distinct Sideways Sentiment as localized liquidation pressures cool off, allowing the white metal to form a reliable technical floor. Overhead technical resistance levels are currently placed at $61.80 – $63, acting as a near-term ceiling. On the downside, potential stabilizing zones are likely holding firm around major supports near $60.50 – $59.

Overall View: The white metal is currently content rotating within an established technical range, meaning patience and strict boundary discipline will yield the best risk-to-reward ratio. Shorter-term traders should protect trading capital by avoiding over-leveraged positions during midday swings. On a macro level, this corrective consolidation offers a healthy entry window; long-term investors can consider buying in small amounts on every dip within the major demand pockets to smoothly 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 ₹312 – ₹318. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹305 – ₹300. 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 $3.22 – $3.30. On the lower boundary, pullbacks are being steadily caught by structural buyers, keeping key support levels well-entrenched between $3.14 – $3.08.

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 ₹370 – ₹374, while long-term demand forces wait to absorb localized soft patches at the support floor of ₹365 – ₹362. Given the current structural positioning, the primary intraday blueprint centers on a tactical strategy to buy on dips near these vital support baselines.

COMEX Zinc (Spot): COMEX Zinc continues to navigate a stable Sideways Sentiment block, taking a technical breather just below multi-week milestones. Immediate overhead friction stands at $3,580 – $3,620, acting as the current threshold for breakout buyers. Meanwhile, downside exposure remains well-insulated, with key support levels seen holding robustly between $3,540 – $3,500 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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