GOLD

COMEX gold prices traded with positive bias on Tuesday, but at the wee hours of the Wednesday’s session prices are seen below the psychological level of $4500, at 4433.260.Prices have been facing pressure , but also remaining supported amid no clarity yet on the peace deal, despite the rumors of cease fire being extended. Reports of Iran suspending talks with the U.S. and threats to disrupt shipping routes briefly lifted oil prices, thus gold prices faced to surpass the $4500 level and sustained above the same. Thus, prices are again going within a range of $4450-4500. Thus further upside in the prices will only be reported if prices extend above the mark of $4500.

SILVER

COMEX Silver prices continued to trade near its crucial level of $75, and is seen under pressure as upside in the prices are being capped amid strong US economic numbers and also uncertainty in the peace deal as reports of Iran suspending its talk with the US started making rounds in the market.US job openings surged in April to their highest level in nearly two years. US job openings for the month of April jumped to 7.6 million. As per the Bureau of Labour statistics, hiring eased for the given month.Thus, on the technical front only sustained trading above the mark of $75 would open the door for $80, else prices may again retrace to the level of $73.

CRUDE

Brent Crude oil prices are seen nearing the mark of $100 again, amid the reports of Iran suspending its talk with US authorities have brought back uncertainty in the market thus rising crude oil prices. Further, US Central Command reported that  Iran has  launched ballistic missiles toward neighboring countries, while US forces carried out strikes on Qeshm Island in retaliation. Thus amid heightened uncertainty prices are again seen upstick in the market which may further increase the war risk premium and further opening the door for $105 in the crude oil chart.

Copper

MCX copper continued to trade above Rs1350, and settled at the level of Rs1379.30, amid uncertainty over the US-Iran deal. But prices are still respecting its level of Rs1350. Thus, if prices sustain above Rs1375, 1414  would be the first upside destination. Further fuel in AI stocks along with exponential rise in demand, is expected to keep copper prices elevated in the long term.

COMMODITY UPDATE:

Evening Commodity Trading Guide 03^rd Jun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract continues to navigate a defined consolidation range, keeping its short-term sentiments in line with COMEX. The technical boundary is firmly set, with overhead resistance positioned at ₹1,59,500 – ₹1,61,000. On the lower end, the crucial demand floor is located between the support zone of ₹1,58,000 – ₹1,57,000. Given the current structural positioning, the primary intraday blueprint centers on a tactical “Buy on Dips” scenario near these vital baselines.

COMEX Gold (Spot): Spot gold remains locked in a Mixed Sentiment profile as market participants weigh competing macroeconomic indicators against physical demand. This range-bound behavior leaves immediate technical resistance established near $4,500 – $4,540. Downside risks appear well-insulated for the moment, with key support levels holding reliably near $4,440 – $4,400.

Overall View: Because the yellow metal is currently lacking an aggressive directional trigger, avoiding chasing overextended positions in the middle of the value band remains the most prudent path. Short-term momentum players should focus on clear risk-defined parameters near range extremes. For strategic portfolio builders, this non-linear phase represents a constructive accumulation window; long-term investors can consider buying in small amounts on every dip inside the core support bands to balance out their entry costs effectively.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract has dropped back into an established consolidation channel, keeping near-term sentiments in line with COMEX. Immediate relief rallies are facing a well-defined wall of sellers, leaving technical resistance standing at ₹2,67,000 – ₹2,71,500. On the flip side, dynamic downside safety nets are expected near the support zone of ₹2,63,500 – ₹2,58,500. Given the resilient demand pattern emerging at lower bands, a “Buy on Dips” approach remains the high-probability technical stance for local players.

COMEX Silver (Spot): Spot silver has drifted into a Mixed Sentiment profile as market participants balance industrial demand expectations against near-term macro headwinds. The white metal is encountering prominent overhead friction, with resistance levels placed at $75 – $76.50 acting as a near-term cap. Meanwhile, localized buying interest continues to defend the structural floors, keeping major supports likely around $73.80 – $72.50.

Overall View: The silver market is currently content rotating within an established technical range, meaning patience and strict boundary discipline will yield the best risk-to-reward ratio. Shorter-term traders should protect trading capital by avoiding over-leveraged positions during intraday swings. On a macro level, this corrective phase offers a healthy entry window; long-term investors can consider buying in small amounts on every dip within the major demand pockets to steadily accumulate quality exposure.

Crude Oil Technical Outlook

MCX Crude Oil (Jun): Moving cleanly in line with International NYMEX Spot prices, the domestic June contract exhibits a highly reactive chart footprint. Intraday advances are currently testing a strong line of sellers, with technical resistance mapped at ₹9,250 – ₹9,400, while solid underlying floor defense is waiting near the support levels of ₹9,050 – ₹8,900. Charts indicate the contract may see an up move after sustaining above the resistance zone, but traders must overall be cautious as the broader energy matrix is prone to rapid intraday shifts.

NYMEX WTI 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 $97 – $99. Downside moves, however, continue to be actively picked up by buyers, with key support levels seen between $94.50 – $92.50 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.固定 position sizes strictly within risk limits, apply strict trailing stop-losses, and be prepared for sudden headline-driven volatility spikes near technical borders.

Zinc Technical Outlook

MCX Zinc (Jun): Faithfully tracking the global trend, the domestic June contract continues to showcase an incredibly powerful and resilient technical footprint. Intraday advances face immediate friction around the key resistance band at ₹378 – ₹383. Meanwhile, an extraordinarily sturdy base of demand is waiting underneath to catch minor price soft patches, with reliable structural support expected near ₹372 – ₹368. Charts indicate the metal may see an Upmove after sustaining above the resistance zone, signaling a clean validation of its broader structural trend.

LME Zinc (Spot): LME Zinc continues to march ahead with a firm Bullish Sentiment, energized by persistent global supply constraints and robust physical spot market demand. The industrial metal is actively challenging upper milestones, with immediate overhead resistance standing at $3,650 – $3,680. On the flip side, seller dominance remains strictly limited, with key support levels firmly established between $3,620 – $3,590 to keep the uptrend intact.

Overall View: The structural framework across the industrial metals space heavily favors the bulls, making the accumulation of long positions on brief price retracements the preferred 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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