GOLD

COMEX gold prices, after plunging for 1.19% on Wednesday, are seen regaining momentum and are currently trading above the $4450  level at $4468.Upside is seen in the prices amid technical support at $4400,which is seen as a rigorous buying from the level. Further, upside is being capped amid stronger dollar index which continued to hover over 99, at 99.479. Further investors are keeping close an eye on development on US-Iran conflict and middle east tension, along with US employment data due to be released on 5th June, 2026. On the technical front, prices continue to take support of $4450, we might see, prices reaching $4500.

SILVER

COMEX Silver prices after trading in red on Wednesday and plunging to the low of $72.63, prices are seen trading higher around the level of $73.4310,amid bargain buying at the lower levels. Amid no clear indication on peace deal prices are stretching on the upside. However, strength in the dollar index is capping the upside in the silver prices. Thus for the further upside in the prices, it must reach above the mark of $75. On the flip side, if prices fail to sustain above $75 , we may see silver prices reaching for $71.

CRUDE

Brent Crude oil prices are seen trading marginally below the mark of $100, at around $99.73.This subdued momentum can be attributed to profit booking. However prices are expected to remain elevated, as there is no clear agreement between US-Iran , Strait of Hormuz continued to remain affected , thus affecting oil transportation. Also providing support to the prices is the EIA report of fall in crude oil inventory by 8 million barrels to 433.7 ​million barrels in the week ended on 29 May, 2026 . U.S. crude ‌stocks drew more than expected last week as the export and refining demand stayed strong. As many countries in Asia and Europe seek to replace Middle Eastern oil as the fuel supplies cut off by the Iran war, now in its fourth month.

Copper

MCX copper continued to trade above Rs1350, and settled at the level of Rs1367.90, amid uncertainty over the US-Iran deal. But prices are still respecting its level of Rs1350. Thus if prices sustains above the mark of 1350, prices may regain the level of 1373. However, falling below 1350, may pressure the prices to touch the low of 1324.

COMMODITY LEVEL:

Evening Commodity Trading Guide 04^th 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 ₹1,60,500 – ₹1,62,000. On the lower end, the crucial demand floor is located between the support zone of ₹1,59,200 – ₹1,58,000. 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 $4,510 – $4,560. Downside risks appear well-insulated for the moment, with key support levels holding reliably near $4,460 – $4,420.

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 ₹2,66,000 – ₹2,71,000. On the flip side, dynamic downside safety nets are expected near the support zone of ₹2,63,000 – ₹2,59,000. 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 $74.50 – $76 acting as a near-term cap. Meanwhile, localized buying interest continues to defend the structural floors, keeping major supports likely around $73 – $71.50.

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): The domestic June contract continues to mirror global parameters, moving in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹9,050 – ₹9,250. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹8,900 – ₹8,750. While a bounce from lower levels can be expected from lower support levels, market participants should overall be cautious as the commodity remains sensitive to external factors.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has entered a clear Mixed Sentiment phase as fluctuating global stock projections and supply-side variables create an intraday tug-of-war. Upside momentum faces an immediate technical cap, with resistance standing at $95 – $97. On the lower boundary, pullbacks are being steadily absorbed by buyers, keeping key support levels well-entrenched between $93 – $90.50.

Overall View: The energy complex is currently trapped in a volatile, range-bound pattern, suggesting a wait-and-watch approach until a clear breakout occurs. 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.

Zinc Technical Outlook

MCX Zinc (Jun): Faithfully tracking the global trend, the domestic June contract continues to showcase a stable consolidation footprint. Intraday advances face immediate friction around the key resistance band at ₹371.50 – ₹376. Meanwhile, a reliable base of demand is waiting underneath to catch minor price soft patches, with structural support expected near ₹368 – ₹363.50. 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 navigate a stable Sideways Sentiment block, taking a technical breather just below multi-week milestones. Immediate overhead friction stands at $3,590 – $3,620, acting as the current threshold for breakout buyers. Meanwhile, downside exposure remains well-insulated, with key support levels seen holding robustly between $3,560 – $3,540 to maintain structural equilibrium.

Overall View: The industrial metal remains in a healthy foundational phase, making strategic accumulation near primary support channels a viable 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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