COMMODITY MARKET (27th Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold prices continued to trade with negative bias and is trading near the mark of $4010, with a loss of 0.14% from previous day’s closing of $401.83, with continuous rise in oil prices that has remained above the mark of $110, bringing back the concern of inflation and rate hike. Though, FED is highly expected to keep interest rate unchanged in its meeting on 29 October, but probability of rate hike in December continued to be above the mark of 80%, which is putting pressure on yellow metal prices.  Further investors are also waiting for the GDP estimate and Core PCE index number due to be released on 29th October, that will provide further cues on the US economy and thus, direction to the yellow metal. But if prices fall below the mark of $4000, then $3980 would be acting as a crucial support for gold price. Only sustained trading above the mark of $4110, would give some push to the yellow metal.

SILVER

Early Friday trading saw COMEX silver fall roughly 0.05% to hover around $53.90, weighed down by escalating Middle East conflicts, which continued to push oil prices above the mark of $110. Selling in silver  continued amid anticipation of rate hike in December which remained above the 80% probability though rate hike in October is being almost ruled out with bank of Japan and ECB also expected to keep interest rate constant. But investors awaits cue from GDP and PCE number , that will provide cue on US economy and direction to dollar index, for further direction to silver prices. From a technical standpoint, a daily close above the $55 resistance level could open the door for silver to challenge the $67 range in upcoming sessions. Conversely, holding below $53 risks sparking a deeper retreat toward $52 or $50.

CRUDE

Brent crude slipped closer to $109 a barrel declining for the second straight session amid fresh diplomatic talks across the Middle East renewed optimism. Representatives from Turkey, Saudi Arabia, and Pakistan reportedly held discussions with top Iranian leaders on Monday in an effort to cool frictions and restart dialogue, hoping to prevent further military action against Iran by the US and Israel. These negotiations are unfolding about a week ahead of the US midterm elections. At the same time, the Saudi-led coalition is still clashing with Houthi insurgents, and Hezbollah is said to be bracing for renewed hostilities in Lebanon following financial backing from Tehran. Even though crude production and shipping volumes have broadly rebounded to their pre-conflict benchmarks, these persistent regional frictions keep Middle Eastern energy exports under continuous threat. Thus, continuous trading above $106.25, would propel the prices towards $115, only falling and closing below $105, could make oil prices weaker towards the mark of $100.

Copper

Copper futures advanced by 1.16% to finish the session at ₹1,393.05, recovering from an intraday trough of ₹1,377.50 despite subdued market sentiment driven by the artificial intelligence sector and lingering concerns over prospective tariffs on imports. Underlying physical demand nevertheless cushioned the red metal, propelling it past the critical ₹1,385 threshold. Sustaining upward momentum above this pivotal mark could pave the way for a move toward the ₹1,407–₹1,415 range. Conversely, a drop under ₹1,385 may prompt brief downward pressure toward the primary support zone near ₹1,365.

Evening Commodity Trading Guide 27^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 ₹1,43,500 – ₹1,45,000, while the primary support zone lies between ₹1,41,800 – ₹1,40,500. Technical analysis indicates that we are seeing from last 2 trading sessions from higher levels prices fall more than 1% and we see a V shape recovery from lower support suggesting supplies near support zone so if prices bounce from lower level we can expect positive move but prices are under 200,60EMA and RSI also under 50so if prices breaks the support we can expect negative move. 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 $4,030 – $4,080, while key underlying support levels are seen near $3,980 – $3,940.

Overall View: Gold remains in a sideways-to-bearish setup, although V-shaped recoveries off lower levels point to demand emergence at support floors. Because prices remain below key EMAs and RSI holds below 50, a breakdown below support could trigger further selling, while long-term investors can continue disciplined, phased accumulation on dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price behavior, the active December contract continues to face downside pressure, keeping sentiment in line with COMEX. Technical resistance stands at ₹1,95,000 – ₹1,98,000, with support expected near ₹1,92,000 – ₹1,88,000. Technical analysis suggests in the previous 2 session, we saw more than a 2% fall and an instant recovery, indicating volatility in prices, but overall sentiment is still weak as prices are below the 60,200 EMA and RSI is holding 50 mark showing some stability, so if prices Bounce and holds above resistance zone, we can expect positive move if resista and fall then after breaking support it can more fall. 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 to Bearish Sentiment setup. Overhead resistance levels are placed at $54 – $55, while support is likely established around $52.80 – $51.60.

Overall View: Silver maintains a weak technical framework despite volatile intraday rebounds. Holding below major moving average boundaries keeps the broader bias cautious; a sustained clearing of resistance could open upward room, whereas a break below primary support limits threatens renewed downside momentum.

Crude Oil Technical Outlook

MCX Crude Oil (Nov): Trading in line with International NYMEX Spot prices, the November contract displays a broad range-bound, volatile structure. Technical resistance is positioned at ₹9,750 – ₹9,950, while immediate support rests between ₹9,500 – ₹9,300. Technical analysis notes that from 2 trading sessions, it is resisting on higher levels and making a broad range, showing volatility; prices are taking support near the 200 EMA, but RSI is declining and below 50, showing some weakness, so we can expect a fall in prices if it breaks the support, but if prices bounce and sustain above the resistance zone, we can expect positivity. 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 price action consolidates near overhead resistance boundaries. Resistance stands at $102.50 – $104, while key support levels are seen between $100.40 – $98.80.

Overall View: Crude oil remains confined within a volatile, multi-session range. While the 200 EMA continues to buffer pullbacks, a declining RSI flags risk of a lower support breach, making tight stop-loss management essential as geopolitical headline risks persist.

Zinc Technical Outlook

MCX Zinc (Nov): Directly tracking global trend, the active October contract experiences strong bullish momentum. Technical resistance is positioned at ₹419 – ₹424, while key support underpins price action between ₹414 – ₹408.50. Technical analysis indicates a really positive movement Yesterday; after opening today took support neat 410 and Bouced and Breached the days high and sustaining above 10,60,200EMAs showing Positivity and RSI also near 70 showing Strength in prices so we can expect more positive move if sustained above the resistance zone or if prices fell we can expect buying from support zone. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc holds a Bullish Sentiment profile as price action expands upward. Overhead resistance stands between $3,850 – $3,900, while key support levels are established between $3,820 – $3,780.

Overall View: Zinc demonstrates strong technical health, trading above all primary moving average levels with RSI maintaining robust momentum near 70. Sustained momentum above overhead resistance can drive further upside, while pullbacks to support zones offer potential buying interest.

Commodities: Pivot Table

Disclaimer:

Investment in securities markets is subject to market risks. Please read all related documents carefully before investing. (Our SEBI Reg. No. INH000010335)

AI Usage Disclosure: Artificial Intelligence (AI) tools were utilized exclusively for document formatting, structural layout, and presentation refinement.
All underlying research, financial analysis, forecasts, and investment recommendations are fully independent and conducted solely by the analyst(s).

For Full Disclaimer: Click Here