GOLD

COMEX gold prices climbed for a third straight session, rising 0.72% to approximately $4,769 as a weakening US dollar, which dipped to a low of 97.850, provided strong upward momentum. While a plunging greenback fueled the rally, the market remained gripped by geopolitical volatility following presidential remarks that the US-Iran ceasefire is on “massive life support.” Consequently, investors are maintaining a cautious stance, shifting their focus to upcoming US consumer inflation data to gauge the full economic impact of the prolonged Middle East conflict.

SILVER

COMEX Silver gain upward momentum, rising 0.92% to hit a multi-month high of roughly $86. This bullish trend remains intact even as regional stability wavers following the breakdown of diplomatic negotiations between the US and Iran; President Trump’s rejection of Tehran’s terms as “totally unacceptable” has reignited fears of military escalation. Market participants are now bracing for the release of the latest US inflation report, which is anticipated to be the decisive factor in determining silver’s trajectory amid this heightened volatility.

ENERGY

Oil prices pushed upward during Tuesday’s early trade, with WTI futures climbing toward $98.36 as investors grappled with the fallout of collapsing US-Iran relations. The market rally was ignited by President Trump’s scathing rejection of Tehran’s diplomatic efforts, where he labeled their proposal “garbage” and warned that current peace efforts are barely surviving on “massive life support.” The industry is shifting its focus toward the high probability of sustained supply shortages and the looming threat of renewed military engagement.

BASE METAL

Copper prices on the MCX saw a significant rally, hitting a peak of ₹1,374.90 as a surge in trading volume was fueled by immediate supply anxieties and bullish long-term demand. The persisting tensions between the US and Iran have essentially paralyzed shipments of sulphur and sulphuric acid from the Middle East since March; this shortage of essential refining agents has forced China to halt its own exports, tightening the global market for copper anode production.

Evening Commodity Trading Guide 12th May 2026 

Gold Technical Outlook

MCX Gold (Jun): The domestic June contract continues its steady upward grind, closely following the trend as COMEX. Upward movements are facing notable roadblocks near the immediate resistance zone positioned at ₹1,54,200 – ₹1,55,400. On the flip side, critical downside cushions are neatly layered within the support zone of ₹1,53,000 – ₹1,52,000. Given the current structural positioning, the primary intraday blueprint remains a tactical “Buy on Dips” scenario near these vital baselines.

COMEX Gold (Spot): Spot gold is maintaining a stable Sideways to Bullish Sentiment as market participants continue to absorb macro indicators against underlying safe-haven needs. This constructive momentum keeps price action supported, with immediate resistance established near $4,730 – $4,775. Conversely, downside exposure appears well-insulated for now, with key support levels firmly visible near $4,680 – $4,630.

Overall View: Because the precious metal is navigating a constructive phase, patience at range extremes remains paramount. For short-term trading, remain cautious and avoid chasing breakouts in the middle of the value band, focusing instead on risk-defined entries near immediate floors. For long-term portfolio builders, this steady consolidation acts as a textbook accumulation window; long-term investors can consider buying in small amounts on every dip inside the primary support bands to smoothly balance their overall cost matrix.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract continues to look structurally resilient on the daily charts, faithfully tracking global trends as COMEX. Short-term upward spikes are encountering a defined pocket of supply, with technical resistance standing at ₹2,78,000 – ₹2,83,000. Meanwhile, pullbacks are expected to find an eager safety net near the support zone of ₹2,73,000 – ₹2,68,000, reinforcing a dependable “Buy on Dips” trade setup.

COMEX Silver (Spot): Spot silver is maintaining a stable Sideways to Bullish Sentiment as industrial demand projections continue to absorb localized macro headwinds. The white metal is actively probing higher limits, with technical resistance levels placed at $85 – $87. On the lower end, immediate demand layers are resetting higher, with major supports likely around $82 – $80 keeping the baseline structure highly constructive.

Overall View: The broader underlying structure remains healthy for silver, making minor technical drawdowns a favorable entry point for market bulls. Nonetheless, because silver is inherently volatile, for short-term trading, remain cautious and avoid over-leveraging. For structural market participants looking ahead, long-term investors can consider buying in small amounts on every dip inside the support structure to optimize core positioning ahead of the next major extension.

Crude Oil Technical Outlook

MCX Crude Oil (May): Concurrently tracking the global trend, the domestic May contract reflects a highly reactive intraday frame. Initial recovery attempts are confronting immediate overhead friction at the resistance band of ₹9,850 – ₹10,050. On the downside, the primary defensive lines for bulls are well-entrenched, with key support seen at ₹9,560 – ₹9,360. Charts indicate that the asset may see an upmove after sustaining above the resistance zone, potentially confirming a strong near-term breakout.

NYMEX Crude Oil (Spot): WTI Crude Oil has entered a clear Bullish Sentiment phase as supply-side dynamics and tightening global stock projections fuel buyer aggression. Relief rallies face immediate overhead caps, with resistance standing at $102 – $104.60. Downside moves, however, continue to be actively picked up by buyers, with key support levels seen between $100 – $97.75 keeping the structural uptrend stable.

Overall View: While a definitive break above immediate technical barriers could invite fresh momentum buying, the energy matrix remains highly susceptible to rapid intraday swings. Traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Manage trade parameters aggressively, apply strict trailing stop-losses, and be prepared for sudden headline-driven volatility spikes near technical borders.

Zinc Technical Outlook

MCX Zinc (May): Directly tracking the global trend, the domestic May contract maintains a fiercely constructive technical layout across major timeframes. Intraday advances face immediate friction around the key resistance band at ₹362 – ₹367. Meanwhile, an extraordinarily sturdy base of demand is waiting underneath to absorb brief price pullbacks, with reliable structural support expected near ₹356 – ₹350, reinforcing a highly reliable “Buy on Dips” market strategy.

LME Zinc (Spot): LME Zinc continues to march ahead with a firm Bullish Sentiment, fueled by robust physical market dynamics and tighter refined metal spreads. The metal is actively confronting upper milestone targets, with immediate overhead resistance standing at $3,530 – $3,560. On the flip side, seller dominance remains limited, with key support levels firmly established between $3,480 – $3,450.

Overall View: The primary technical blueprint heavily favors the bulls, making long exposure near immediate support levels or breakout channels the preferred strategic route. However, because industrial metals remain highly sensitive to broader macro shifts, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Lock in partial profits at regular intervals and ensure risk controls are tightly managed to guard against sudden price turnarounds.

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