Morning Commodity Market Snapshot

GOLD

COMEX gold prices continue to trade above the mark of $4300 for the second consecutive trading day amid an interim  peace deal being reached between US-Iran. Further fall in crude oil prices below the level of $90, has also dampened the sentiment of expectation of rising interest rate prices. Further weakness in dollar index also supported the upside in the gold prices But gold prices failed to surge beyond $4350, as upside remained capped as investors remain cautious ahead of the FED meeting due for 16-17 June.

SILVER

COMEX Silver prices traded with positive bias are currently trading below the mark of $70, at $69.29, amid profit booking at higher levels But prices are expected to remain supported amid US-ran peace deal due to be signed today in Switzerland. However, investors await the details of the Peace deal, along with a decision on interest rate by the FED to be held on 16-17 June. Subdued movement in Dollar index and weakness in 10 Year bond yield, also continued to provide support to the white metal. Silver is priced above 70 and would open the gates for further upside destination of $75.

CRUDE

Brent Crude prices plunged to the low of $83, amid US-Iran peace deal optimism that is expected to open up the Strait of Hormuz thus solving the transportation disruption of crude oil. Shippers in Asia and Europe are expecting to rebuild confidence amid resumption of transit through the Strait of Hormuz could take weeks. Markets are expecting the details on the peace deal agreement that would further clear the air about opening of Strait of Hormuz,which could further put pressure on oil prices, and take it below the $80.

Copper

MCX copper prices  that closed at Rs1340 on Monday, may reach for the next upside destination of Rs1350, as US-Iran has finally reached an agreement that is due to be signed on 19th September 2026.  Further investors might stay cautious as well ahead of the Fed meeting due on 16-17 June, where the market is expecting a status quo in the interest rate for the current meeting.

COMMODITY LEVELS:

Evening Commodity Trading Guide 16^thJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract maintains its structural strength, keeping short-term sentiments in line with COMEX. The asset is consolidating constructively above its key accumulation zones, with overhead resistance positioned at ₹1,54,000 – ₹1,55,500. On the lower boundary, a reliable structural demand floor rests between ₹1,52,500 – ₹1,51,000. Technical patterns indicate that the yellow metal may see an upmove after sustaining above the resistance zone, potentially triggering an influx of fresh momentum buying.

COMEX Gold (Spot): Spot gold continues to trade with a firm Bullish Sentiment profile as steady buying interest defends key cyclical levels. This aggressive underlying posture leaves immediate technical resistance established near $4,350 – $4,400. Downside exposure remains neatly insulated, with key support levels holding reliably near $4,300 – $4,250.

Overall View: With the primary trend leaning constructively higher, the broader setup favors long exposure on breakout confirmations or minor value-area pullbacks. Short-term traders should look for sustained hourly closes above local ceilings to validate new long positions. For strategic portfolio builders, this upward shift confirms strong underlying interest; long-term investors can consider buying in small amounts on every dip down toward core support baselines to steadily build quality exposure.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract is displaying strong upward momentum, keeping near-term sentiments in line with COMEX. Immediate advances face an initial technical boundary, placing major resistance at ₹2,54,000 – ₹2,59,000. On the flip side, dynamic downside safety nets are expected near the support zone of ₹2,48,000 – ₹2,44,000. Charts indicate that the white metal may see an upmove after sustaining above the resistance zone, which could pave the way for a multi-session trend extension.

COMEX Silver (Spot): Spot silver carries a powerful Bullish Sentiment profile as industrial demand expectations and technical buying combine to fuel market aggression. The metal is actively challenging upper distribution fields, with resistance levels placed at $72 – $75 acting as a near-term target area. Meanwhile, localized buying interest continues to defend structural floors, keeping supports likely around $69.50 – $66.

Overall View: The momentum across the silver complex heavily favors the bulls, making the accumulation of long positions on brief price retracements the preferred tactical blueprint. Shorter-term traders should use tight stop-losses beneath localized consolidation floors to manage risk. On a macro level, this structural strength offers a healthy entry window; long-term investors can consider buying in small amounts on every dip within the major demand pockets to smoothly optimize long-term entry pricing.

Crude Oil Technical Outlook

MCX Crude Oil (Jul): The domestic July contract has taken over as the primary focus, moving cleanly in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹7,450 – ₹7,650. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹7,200 – ₹7,000. Momentum studies show that weakness in price may continue after breaching the support zone, warning bulls against premature bottom-fishing.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has entered a clear Bearish Sentiment phase as macro pressures and shifts in momentum line up against the energy market. Relief rallies are running into a well-defined ceiling, with immediate resistance standing at $79.50 – $82 keeping buyers at bay. On the lower end, key support levels are seen near $78 – $75, which will serve as crucial lines of defense for bulls trying to stabilize the trend.

Overall View: The path of least resistance for the energy complex remains defensive for the immediate horizon, meaning tactical boundary discipline and strict confirmation are vital. Shorter-term traders should exercise patience and avoid premature bottom-fishing before values baseline. Because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Lock in partial profits at regular technical boundaries and use strict trailing stop-losses to hedge against swift, headline-driven reversals.

Copper Technical Outlook

MCX Copper (Jun): Directly tracking the global trend, the domestic June contract showcases a stable and resilient chart footprint. Short-term sellers are actively clustering near the immediate overhead resistance band at ₹1,340 – ₹1,350, while solid demand forces wait to absorb localized soft patches at the support floor of ₹1,328 – ₹1,315. Given the current structural positioning, the primary intraday blueprint centers on a tactical “Buy on Dips” scenario near these vital support baselines.

COMEX Copper (Spot): COMEX Copper continues to navigate a stable Sideways Sentiment block, taking a technical breather just below multi-week milestones. Immediate overhead friction stands at $6.60 – $6.72, acting as the current threshold for breakout buyers. Meanwhile, downside exposure remains well-insulated, with key support levels seen holding robustly between $6.48 – $6.40 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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