GOLD

COMEX gold prices after falling to the low of $4447.74, manage to gain momentum, and are seen trading at the level of $4477.180, at the early hours of Tuesday. Gold prices are caught in a dilemma, with geopolitical uncertainties and no clarity on a peace deal, continuing to underpin demand for safe-haven assets. On the other hand, persistent inflation and expectation of elevated interest-rate limit the scope for a sustained rally. Thus, prices are trading within a range of $4450-4600. Only sustained trading above the mark of $4600, would support prices for further upside, Else if prices falls below $4450, we may see prices retracing towards $4350, again.

SILVER

COMEX Silver prices continued to trade near $75 at the wee hours of Tuesday’s trading session amid  negotiations for a long-term US-Iran ceasefire showed limited progress. Expectations for interest rates to remain higher are likely to keep Silver prices under pressure, unless bond yields stop rising and rates begin to stabilize or trend lower. From a technical standpoint, if silver can sustain its momentum above the critical $75 support level, the metal could potentially target a move toward the $77 to $79 range.

CRUDE

WTI crude oil prices gained 5.37% on Monday hitting the high of $94.78.Amid  a quell of growing conflict between Israel and Hezbollah that threatened to derail U.S. peace talks with Iran acted as catalyst for oil prices on Monday. But prices on Tuesday are seen trading marginally lower by 0.44% at 92.05 amid profit booking at higher levels. However, Trump declared that both sides had agreed to halt fighting and that Israeli PM Netanyahu had called off attacks in Lebanon. Amid absence of a clear breakthrough in the U.S.-Iran negotiations and renewed incidents in the Middle East are expected to keep oil prices supported and elevated  till there is no clarity on the US-Iran peace deal.

Copper

MCX copper continued to trade above Rs1350, and settled at the level of Rs1365.80, amid uncertainty over the US-Iran deal. But prices are still respecting its level of Rs1350. Thus, if prices sustain above Rs1350, 1380  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 long term.

COMMODITY UPDATE:

Evening Commodity Trading Guide 02^nd 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 ₹1,61,000 – ₹1,62,000. On the lower end, the crucial demand floor is located between the support zone of ₹1,60,000 – ₹1,59,000. 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 $4,560 – $4,600. Downside risks appear well-insulated for the moment, with key support levels holding reliably near $4,500 – $4,460.

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 ₹2,72,000 – ₹2,75,000. On the flip side, dynamic downside safety nets are expected near the support zone of ₹2,68,500 – ₹2,65,000. 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 $77 – $78.50 acting as a near-term cap. Meanwhile, localized buying interest continues to defend the structural floors, keeping major supports likely around $75.50 – $74.

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 ₹8,800 – ₹9,000, while solid underlying floor defense is waiting near the support levels of ₹8,600 – ₹8,500. While traders can implement a “Buy on Dips” strategy near immediate supports, they should 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 Sideways to 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 $92 – $95. Downside moves, however, continue to be actively picked up by buyers, with key support levels seen between $89.50 – $87 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.

Copper Technical Outlook

MCX Copper (Jun): Directly tracking the global trend, the domestic June contract showcases an exceptionally constructive chart profile. Short-term sellers are actively grouping near the immediate overhead resistance band at ₹1,385 – ₹1,396, while long-term demand forces are waiting to absorb price soft patches at the support floor of ₹1,375 – ₹1,365. Technical patterns indicate that the metal may see an upmove after sustaining above the resistance zone, signaling a clean validation of its broader structural trend.

COMEX Copper (Spot): COMEX Copper 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 $6.73 – $6.80. On the flip side, seller dominance remains strictly limited, with key support levels firmly established between $6.65 – $6.57 to keep the uptrend intact.

Overall View: With the broader macro and micro elements lining up in favor of the bulls, accumulating long exposure on mild price pullbacks or breakout confirmations remains the dominant, high-probability strategy. However, because industrial commodities are highly sensitive to sudden logistics or macro shocks, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Lock in partial profits at regular intervals and ensure trailing stops are used effectively to shield capital against unexpected intraday reversals.

Commodities: Pivot Table

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