MORNING COMMODITY MARKET SNAPSHOT:

GOLD

COMEX gold prices have plunged below the mark of $4100, and are currently trading near the level of $4062. The sudden plunge in the bullion prices are attributed to strikes against Iran by the US, for delaying the peace talk agreement, but Iran also retaliated by striking US helicopters near the Strait of Hormuz. But in the early hours of Thursday, the US has announced that it has completed its strikes against IRan, which has further brought in some hope in the market, which pulled the precious metal from the low of $4023.50, to the level of $4062. However, the market is still cautious with no deal yet in place.

SILVER

COMEX Silver prices are trading near the level of $63. Silver prices also faced pressure amid ongoing middle east tension and rising crude oil prices that increased the inflationary pressure thus market anticipating interest rate hike by FED. But in the early hours of the Thursday., the US announced the completion of a strike against IRAn bringing back hopes of a peace deal to open soon, thus helping silver prices to gain from the low of $61.5128 to wars the level of $63. Sustained trading above $63, may push prices towards $65, provided some positive hopes become visible from the war front.

CRUDE

Brent Crude prices continue to trade below $100 and are currently hovering near the level of $96.78, showing sign of ease, as the US military announced it completed its latest strikes on Iran, raising hopes that peace negotiations could resume. But the downside in oil remains capped as EIA in the latest report showed that  US crude inventories fell by 7.2 million barrels last week, extending their decline for the seventh consecutive week.

Copper

MCX copper fell below the crucial level of Rs 1324 to settle the day at the level of Rs1313.  If prices fail to sustain above the mark of Rs 1324, it may further go down towards the level of Rs1300-1290. Breach of Rs1290 could make copper further weak towards the level of 1260. But as the US reported that it has completed its strikes against Iran, has brought back some hopes that peace talk could resume, which may provide some support to the base metal. But positivity in the base metal could only be witnessed above the mark of Rs1324.

COMMODITY LEVELS:

Evening Commodity Trading Guide 11^thJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract maintains a defensive posture, keeping its short-term sentiments in line with COMEX. Overhead resistance is tightly positioned at ₹1,48,200 – ₹1,50,800, while the critical support zone below rests between ₹1,46,500 – ₹1,45,000. Given the prevailing technical structure, weakness in prices may continue, and profit booking may arise after resisting the upper levels, suggesting that near-term recovery attempts could face selling pressure.

COMEX Gold (Spot): Spot gold remains locked in a Sideways to Bearish Sentiment profile as near-term liquidation trends cap immediate upside. Relief rallies are running into a firmly established technical ceiling, with immediate resistance near $4,120 – $4,160 keeping buyers on the defensive. On the downside, key structural support levels are seen holding near $4,060 – $4,020.

Overall View: With short-term indicators leaning structurally lower, chasing sudden intraday bounces carries an adverse risk-to-reward ratio. Strict boundary discipline remains essential for short-term players. However, this corrective drop continues to offer a strategic entry window for value-driven portfolios; long-term investors can consider buying in small amounts on every dip down into primary demand zones to average out costs effectively.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract continues to experience a momentum pullback, tracking its broader sentiments in line with COMEX. Immediate counter-trend rallies face a well-defined wall of supply, leaving major technical resistance standing at ₹2,35,000 – ₹2,40,000. Conversely, dynamic safety nets for underlying buyers are expected lower down near ₹2,33,000 – ₹2,28,000. Shorter-term traders should manage expectations, as weakness in prices may continue, and profit booking may arise after resisting the upper levels.

COMEX Silver (Spot): Spot silver is flashing a distinct Sideways to Bearish Sentiment as immediate technical caps pressure the white metal. Overhead technical resistance levels are placed at $65 – $67, acting as a rigid lid on recovery attempts. On the downside, potential stabilizing zones are likely around the key support levels of $62 – $60.

Overall View: The path of least resistance for the silver complex remains tilted downward for the immediate horizon, meaning tactical boundary discipline and strict confirmation are vital. Short-term traders should protect trading capital by avoiding premature bottom-fishing before a clear baseline forms. For macro-focused accounts, this corrective phase remains fundamentally healthy; long-term investors can consider buying in small amounts on every dip inside the core demand pockets to smoothly accumulate exposure.

Crude Oil Technical Outlook

MCX Crude Oil (Jun): The domestic June contract continues to mirror global parameters, moving safely in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹8,600 – ₹8,700. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹8,460 – ₹8,300. Technical indicators indicate that weakness in price may continue, although we can expect a bounce from support levels but overall be cautious as underlying trend stabilities remain highly fragile.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has entered a clear Mixed Sentiment phase as fluctuating global stock projections and uneven supply parameters trigger an intense intraday tug-of-war. Upside momentum faces an immediate technical cap, with resistance standing at $89.50 – $91. On the lower boundary, pullbacks are being steadily caught by structural buyers, keeping key support levels well-entrenched between $88 – $86.

Overall View: The energy complex is currently trapped in a choppy, range-bound pattern, suggesting a highly disciplined tactical approach until a clear breakout emerges. Because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Lock in partial profits at regular technical boundaries, manage position sizes strictly within risk limits, and use strict trailing stop-losses to hedge against swift, headline-driven reversals.

Copper Technical Outlook

MCX Copper (Jun): Directly tracking the global trend, the domestic June contract exhibits a stable consolidation profile. Short-term sellers are actively clustering near the immediate overhead resistance band at ₹1,322 – ₹1,333, while solid demand forces wait to absorb localized soft patches at the support floor of ₹1,313 – ₹1,305. Traders need to practice strict risk protection near the upper boundary, as profit booking may arise after resisting the upper levels.

COMEX Copper (Spot): COMEX Copper continues to navigate a stable Sideways Sentiment block, taking a technical breather just below multi-week milestones. Immediate overhead friction stands at $6.32 – $6.38, acting as the current threshold for breakout buyers. Meanwhile, downside exposure remains well-insulated, with key support levels seen holding robustly between $6.26 – $6.20 to maintain structural equilibrium.

Overall View: The industrial metal remains in a healthy foundational phase, making strategic accumulation near primary support channels or on confirmed breakout validation a high-probability 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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