COMMODITY MARKET (8th Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold futures on the COMEX took some breather and prices are seen trading up by 0.44% near the mark of $4131.990, amid barging buying from the lower level,as prices slipped to the low of $4066.58 on Wednesday’s trading session. Continued strength in the dollar index which continued to trade above the mark of 102 along with strengthening US 10 year bond yield at the mark of 5.31% continues to weigh heavily on on gold prices.Only supporting factor in yellow metal remained fading probability of rate hike  in the month October to 18%, kept prices supported but probability for the rate hike in December continued to be over 80%. On the technical front, if only prices sustain above the mark of $4150, for further upside in the prices towards the mark of $4250, else the price may fall towards the mark of $4100. Plunge below the low of 4066, could further trigger weakness in gold prices to $4030.

SILVER

COMEX silver also recovered from the low and is seen trading above the mark of $60 in the wee hours of the trading session on Thursday. Upside in the silver prices remain capped amid elevated crude oil prices that remained above the mark of $100 along with strength in dollar index which US 10 year bond yield trading almost near time high of 5.311%. The only reason that is keeping white metal above its key support level of $60, is the fall in the  probability of  interest rate hike in October to 18%. Thus, from a technical perspective, only prices that manage to sustain above the mark of $61 threshold could clear a path for the metal to test $65 in the coming sessions, but fall below the mark of $59 could trigger a fall to the mark of $56.

CRUDE

Crude oil benchmark Brent rebounded near $101 a barrel on Thursday, recovering from earlier declines. The price surge was amid the  Trump administration directing the Pentagon to draft potential military strike plans against Iran prior to the upcoming midterms. Concurrently, Tropical Storm Isaias forced Gulf of Mexico energy producers to halt over 510,000 barrels of daily crude production, shutting down nearly a fourth of the area’s output. Further supply risks persisted in the Middle East, where ongoing tanker incidents near the Strait of Hormuz offset a steady recovery in regional oil exports, while Houthi strikes on Saudi Arabia triggered fresh counterattacks in Yemen by the Saudi-led coalition. However, Brent crude would only turn weak after a fall in prices below the mark of $95, but sustained trading above $100, could propel prices for upside in the prices towards the mark of $105.

Copper

Copper futures managed to  gain positive momentum  and settle the day at ₹1419.45. Strike at a Chilean mine added to supply concerns thus pushing prices higher. Though upside remains capped amid stronger dollar but rising demand, continued to provide cushion to prices, with supply concern already in place. From a technical perspective, if prices maintained the levels above ₹1,415, the pathway opened for a retest of ₹1431. But a fall under ₹1,407 might trigger a short-term pullback, falling into the ₹1,400/1385 support level.

Evening Commodity Trading Guide 08^th Oct 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract continues to trade with an ongoing corrective bias, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,50,000 – ₹1,51,000, while the primary support zone lies between ₹1,48,500 – ₹1,47,500. Technical analysis indicates that weakness in prices can continue if they breach the support 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 to Bearish Sentiment profile as price action trades beneath immediate resistance barriers. Resistance is identified near $4,140 – $4,180, while key underlying support levels are seen near $4,090 – $4,030.

Overall View: Gold remains in a sideways-to-bearish consolidation pattern. Price action continues to test lower support bounds, where a breach could trigger further downside momentum. Long-term investors may continue disciplined accumulation on price dips, while short-term traders should monitor key support boundaries.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face downside pressure, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,22,000 – ₹2,25,000, with support expected near ₹2,18,000 – ₹2,14,000. Technical analysis suggests weakness in prices can continue if they breach the support zone. 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 Bearish Sentiment setup. Overhead resistance levels are placed at $59.30 – $60.50, while support is likely established around $58 – $56.50.

Overall View: Silver maintains a distinct bearish structure as lower support levels come under active pressure. A sustained break below primary support limits could accelerate downside weakness, requiring strict risk management for near-term positions.

Crude Oil Technical Outlook

MCX Crude Oil (Oct): Trading in line with International NYMEX Spot prices, the October contract displays a potential stabilization structure. Technical resistance is positioned at ₹9,100 – ₹9,320, while immediate support rests between ₹8,900 – ₹8,700. Technical analysis suggests bounce is seen from lower levels; a positive move can continue after breaching the resistance zone. 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 Bullish Sentiment profile as upside momentum attempts to build above key moving averages. Resistance stands at $93.50 – $95, while key support levels are seen between $91.50 – $90.

Overall View: Crude oil exhibits improving momentum with buying interest emerging off lower support floors. A decisive move above upper resistance bands could open up further upside, though market participants should exercise caution given geopolitical headline risks.

Aluminium Technical Outlook

MCX Aluminium (Oct): Directly tracking global trend, the active October contract experiences near-term consolidation within a broader range-bound structure. Technical resistance is positioned at ₹338.50 – ₹342, while key support underpins price action between ₹334 – ₹330. Technical analysis indicates selling pressure is seen, and it can continue if the support zone is breached. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Aluminium (Spot): LME Aluminium holds a Sideways to Bearish Sentiment profile as price action consolidates between well-defined parameters. Overhead resistance stands between $3,090 – $3,120, while key support levels are established between $3,040 – $3,010.

Overall View: Aluminium trades with a downward tilt within its consolidation structure. Breakdown below immediate support floors could extend the corrective move, warranting extra caution and tight stop-loss placement for active positions.

Commodities: Pivot Table

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