GOLD

COMEX gold prices initially traded with a negative bias but rebounded sharply after finding solid support at $4,366. The precious metal successfully cleared the $4,400 threshold and is currently hovering near $4,497, buoyed by news that the United States and Iran reached an agreement on Thursday to extend their ceasefire and lift shipping restrictions through the Strait of Hormuz. This geopolitical relief helped prices bounce back from their lows, even as investors continue to closely weigh the broader economic headwinds of persistent inflation and looming U.S. interest rate hikes.

SILVER

After hitting a low of $71.80, COMEX silver prices successfully rebounded and are currently trading near $75.52. This recovery is largely driven by optimism surrounding a U.S.-Iran peace deal, specifically the high probability of lifting shipping restrictions through the Strait of Hormuz, which has helped counter ongoing market anxieties regarding inflation and potential U.S. interest rate hikes. Looking ahead, if prices can sustain momentum above the critical $75 support level, silver could potentially target the $77 to $79 range.

CRUDE

Crude prices on Brent are seen trading below the mark of $100, for the third consecutive day. But prices rebounded from the previous day’s low of $94.32. But prices are trading near 95.52. But prices may go down if the Strait of Hormuz opens, as agreement is almost reached between US-Iran. If the deal goes through Thus, if prices fail to sustain above the mark of $95, we may see Brent oil further, retracing the level of $93.

Copper

MCX copper continued to trade above Rs1350, and settled at the level of Rs1365.30, amid expectations of resolution on the US-Iran war along with ongoing supportive fundamentals. Thus, if prices sustain above Rs1350, Rs1380 would be the first upside destination. Further fuel in AI stocks also pushed copper prices up.

Commodity Update:

Evening Commodity Trading Guide 28th May 2026

Gold Technical Outlook

MCX Gold (Jun): The domestic June contract continues to track the global consolidation block, keeping sentiments in line with COMEX. Intraday recovery attempts face overhead supply pressures near the resistance zone positioned at ₹1,57,000 – ₹1,58,500. On the lower boundary, a reliable structural demand floor is expected to emerge between ₹1,55,000 – ₹1,53,500. Given the market’s current ability to hold key technical bases, the primary intraday strategy remains a tactical “Buy on Dips”.

COMEX Gold (Spot): Spot gold is displaying a Mixed Sentiment as macro participants balance short-term economic data prints against baseline asset-allocation needs. This tug-of-war keeps the price action confined within a well-defined consolidation pattern. Immediate resistance is heavily stacked near $4,560 – $4,600, serving as a firm cap to recent upward swings. Conversely, vital downside cushions are firmly established near $4,500 – $4,460.

Overall View: With the primary indices grinding sideways without a singular directional trigger, patience at range extremes remains paramount. Shorter-term momentum traders should avoid chasing breakouts in the middle of the value band and instead focus on buying into minor soft patches near immediate floors. For long-term investors, this non-directional phase serves as an ideal accumulation zone; they can strategically consider buying in small amounts on every dip toward the primary support framework to steadily build up solid core positions.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract is compressing into a neutral-to-resilient trading band, keeping sentiments in line with COMEX. Upward price spikes are running straight into a well-defined supply barrier standing at ₹2,69,000 – ₹2,75,000. On the flip side, strong underlying support is expected to cushion corrections near the ₹2,65,000 – ₹2,60,000 zone. This technical posture continues to justify a “Buy on Dips” approach on minor pullbacks.

COMEX Silver (Spot): The white metal is exhibiting a Mixed Sentiment as near-term momentum variables fluctuate across major chart frames. Silver faces prominent overhead friction, with key resistance levels placed at $76.50 – $78.80 keeping recovery attempts well-contained. Downside risks, however, are being actively absorbed by buyers, with structural supports likely holding firm around $74.80 – $73.

Overall View: The silver market is currently content rotating within an established technical channel, meaning boundary discipline will yield the best risk-to-reward ratio. Traders are advised to focus long positions around major demand floors with tight parameters. Concurrently, the ongoing consolidation remains highly favorable for patient money; long-term investors can consider buying in small amounts on every dip inside the ₹2,65,000 – ₹2,60,000 demand pocket to smoothly optimize entry costs over time.

Crude Oil Technical Outlook

MCX Crude Oil (Jun): Trading in line with International NYMEX Spot prices, the domestic June contract reflects an eroding short-term chart structure. Initial recovery attempts face a prominent wall of sellers at the resistance band of ₹8,450 – ₹8,650. On the lower end, the primary defensive cushions are located at the support floors of ₹8,250 – ₹8,050. While a technical bounce from support levels can be expected, the broader picture demands defensive trade execution.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has settled into a definitive Bearish Sentiment as expanding inventory figures and a cooling macro demand outlook continue to weigh heavily on price action. Relief rallies are being aggressively sold into by bears, leaving immediate resistance standing at $88.50 – $91.50. On the downside, the commodity is tracking lower toward critical multi-week technical baselines, with key support levels seen between $86.70 – $84.

Overall View: The broader energy matrix remains heavily tilted in favor of the bears, meaning fading intraday strength remains the favored tactical play. While the immediate support zone could spark a brief oversold technical bounce, overall market participants must be cautious. Because heightened volatility persists amid ongoing geopolitical tensions, sudden headline reversals are a constant risk. Traders should remain extra cautious, utilize strict trailing stop-losses, and keep position sizing strictly managed.

Aluminium Technical Outlook

MCX Aluminium (Jun): Faithfully tracking the global trend, the domestic June contract displays a highly resilient and constructive technical footprint. Short-term sellers are actively clustering around the overhead resistance band at ₹367 – ₹370, while major structural buyers are waiting to absorb declines at the support floor of ₹363 – ₹360. Given this strong technical base, the preferred short-term blueprint points to a tactical “Buy on Dips”.

LME Aluminium (Spot): LME Aluminium continues to sustain its positive Sideways to Bullish Sentiment, taking a minor structural breather just underneath major multi-year highs. Global physical supply deficits and steady warehouse drawdowns continue to offer strong underlying support. Overhead resistance stands firm at $3,575 – $3,600, while key support levels are seen well-entrenched between $3,540 – $3,510, catching any minor corrective declines.

Overall View: The industrial base metals complex remains structurally geared toward the upside, making accumulation on price soft patches near primary support bands a high-probability setup. A clean, sustained breakout above the immediate resistance zone could quickly unleash a fresh leg of short-covering momentum. Nonetheless, because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious, lock in partial gains at regular intervals, and enforce strict risk management rules.

COMMODITIES: PIVOT TABLE

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