Commodity Market

By: Moumita Samanta | Date : Jun 8, 26

GOLD

COMEX gold prices continued to trade with negative bias, with prices trading below the level of $4350, near the mark of $4306, at the wee hours of the Monday’s trading session marking an early decline of 0.46%, amid no solution in the US-Iran conflict.Iran continued with military action toward Israel in a warning against further military actions in Lebanon, thus renewing the tension in the middle east region.Thus re-inflicting the concern of inflation with Brent crude reaching the mark of $100, thus higher interest rate.

SILVER

COMEX Silver prices has breached its crucial support of $69 and is trading down by 0.84% on daily basis near the level of $67.311. Bullion prices continued to plunge for the second consecutive session amid Iran’s military strikes on Israel that has ignited the middle east tension, which was already not seeing any breakthrough in the US-Iran peace deal agreement since last two months with cease fire in place and Strait of Hormuz remaining blocked.

CRUDE

Brent Crude oil prices are trading at the level of $99, amid strikes by Iran on Israel in answer to any future military attack on Lebanon by Israel. Thus, this new development in the middle east has again raised concern on opening of Strait of Hormis, which remains closed since February, disrupting the oil transportation, thus pushing the prices higher and getting back the fear of inflation and interest back in the market. If Brent crude crosses the mark of $100 , then we may see the prices reaching $105 in near term.

Copper

MCX copper plunged below the mark of Rs1350, thus prices may continue to see pressure till prices remain under the crucial level of Rs1350, and may reach for the next destination of Rs1324. However, the long term story of positivity remains intact, but until there is any settlement in the Middle east prices may fall towards the lower level. Any fall below Rs1324, may open the gate for Rs1300-1290, for copper in the shorter term.

COMMODITY	CLOSING	%CHANGE	SUPPORT	RESISTANCE
Gold(MCX)	155,594	-2.48%	151500	157500
Gold (Spot)	4328.92	-3.29%	4400	4500
Silver(MCX)	248,537	-6.41%	241500	255000
Silver (Spot)	67.885	-8.51%	61	73.8
Crude Oil(MCX)	8614	-2.58%	8000	9000
WTI Crude	90.24	-2.88%	89	100
Natural Gas(MCX)	308.6	-4.31%	300	323
Copper(MCX)	1,336.15	0.61%	1324	1343
Zinc(MCX)	365	-1.82%	359	375
Aluminium (MCX)	384.4	-1.46%	375	398

COMMODITY LEVELS:

Commodity	Support	Resistance
Gold(Aug)	150249	156327
Silver(Jul)	228645	257857
Crude Oil(Jun)	8713	9233
Natural Gas(Jun)	287.3	318.5

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Commodity Market

GOLD

SILVER

CRUDE

Copper