Morning Commodity Market Snapshot

GOLD

COMEX gold prices traded with negative bias and plunged to the low of $4021.85 on Wednesday, amid ongoing escalation of middle east tension, with President Trump announcing cease fire being over, with US launching attacks against Iran in the late evening of Wednesday. In retaliation Iran vowed a large-scale retaliation against US military bases in the middle east region. This recent development has once again raised the concern over surge in crude oil prices and inflationary pressure thereafter, and putting pressure on bullion prices. But prices are seen respecting the level of $4000. Only falling below $3950, could ignite prolonged weakness in gold prices.  

SILVER

COMEX silver prices are currently showing negative momentum, and traded near flat at the level of $58.2651, against Wednesday’s close of $58.2340, amid ongoing US-Iran tension, that re escalated with US-Iran launching strikes against each other. This has further led to surge in crude oil prices towards the level of $78 in Brent and $75 in WTI, which is expected to bring in the inflation factor in the market thus higher probability of rise in interest rate in upcoming FED meeting, thus putting pressure on silver prices, taking it below the mark of $61. However, further weakness in silver can only be witnessed if prices fall below the level of $57.

CRUDE

Brent Crude prices are marching towards the level of 80, with prices currency hovering near the mark $78. The surge in prices is attributed to escalation of Middle East tension and Strait of Hormuz yet again, which earlier in the year took the Crude prices to $120. With Donald Trump announcing end of 8 weeks Cease fire against Iran, also cautioning that future strikes may target Iran’s key export terminal on Kharg Island, could mean supply disruption of crude thus, taking oil prices higher.

Copper

Copper has priced below its key support level of Rs1270, closing session at Rs1268.10, amid re escalation of tension between US-Iran. If copper price fails to sustain above the level of Rs1280, then it will fall towards the level of 1260-Rs1250.

Commodity Levels:

Evening Commodity Trading Guide 09^thJul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract maintains a heavy technical posture, keeping its short-term sentiments in line with COMEX. The asset is experiencing steady overhead distribution, locking in local immediate resistance at ₹1,45,500 – ₹1,46,600. On the lower boundary, the primary floor lines up between ₹1,44,000 – ₹1,43,000. Dynamic chart setups indicate that weakness in prices may continue after breaching the support zone, but stay cautious against over-leveraging into late-stage downward extensions.

COMEX Gold (Spot): Spot gold continues to negotiate a clear Sideways to Bearish Sentiment path as short-term liquidity drifts away from safe havens amid shifting macroeconomic timelines. This ongoing consolidation structures the immediate technical resistance near $4,135 – $4,180. Downside vulnerabilities remain visible, with key support levels seen near $4,080 – $4,030.

Overall View: With local price action showing signs of near-term exhaustion, forcing aggressive long plays without a confirmed base remains risky. Traders should focus on executing tight risk-defined positions near the outer limits of the current range rather than trading inside the choppy middle zones. For macro allocators, this structural pullback lowers structural risk over a longer time horizon; long-term investors can consider buying in small amounts on every dip inside the deeper demand layers to optimize long-term entry pricing.

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues to exhibit a defensive chart layout, keeping near-term sentiments in line with COMEX. Counter-trend recovery attempts are hitting notable supply walls, pinning major technical resistance at ₹2,28,000 – ₹2,31,000. Conversely, downside targets are opening lower, with vital support expected near ₹2,25,000 – ₹2,22,000. Chart setups highlight that weakness in prices may continue after breaching the support zone, but stay cautious since silver remains highly prone to sharp, sudden short-covering bounces.

COMEX Silver (Spot): Spot silver is carrying a Sideways to bearish Sentiment profile as industrial demand forecasts flatten out alongside cooling speculative interest. The white metal faces immediate overhead friction, leaving resistance levels placed at $59.50 – $61. On the flip side, potential stabilizing zones are likely around the major support baselines near $58 – $56.50.

Overall View: The silver complex remains under short-term pressure within a descending technical boundary, making extreme patience and precise level selection critical. Momentum players should prioritize waiting for sustained breaks before chasing major directional extensions. For long-term portfolios, these structural adjustments serve to flush out weaker speculative length; long-term investors can consider buying in small amounts on every dip down into core value zones to scale up exposure steadily.

Crude Oil Technical Outlook

MCX Crude Oil (Jul): The domestic July contract continues to match global spot markers, moving cleanly in line with International NYMEX Spot prices. Immediate price action shows steady underlying support, placing technical resistance at the ₹7,150 – ₹7,300 band. On the downside, the commodity has carved out dependable floors, with key structural support located at ₹7,000 – ₹6,900. Given the constructive technical stance, the default tactical blueprint is to Buy on Dips near these structural lines.

NYMEX Crude Oil (Spot): Spot Crude Oil continues to trend with a positive Sideways to Bullish Sentiment profile, supported by tight global physical inventories and localized supply risks. Upside expansion faces a minor technical barrier, with resistance standing at $75 – $76. On the lower boundary, pullbacks are being quickly caught by structural buyers, keeping key support levels seen between $73 – $71.80.

Overall View: The broader crude complex remains structurally biased toward the upside, making mild pullbacks high-probability windows for value entry. However, because headline risks can trigger sharp, erratic corrections, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Focus on taking high-probability setups at confirmed support markers, take partial profits regular intervals, and keep trailing risk parameters tight to insulate capital.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking the global trend, the domestic July contract continues to showcase an exceptionally constructive baseline structure. Near-term price advances are meeting seller clusters near the immediate overhead resistance band at ₹376.80 – ₹381, while strong underlying demand forces wait to absorb minor soft patches at the support floor of ₹372 – ₹367. Given this supportive layout, the primary tactical game plan is to continue to Buy on dips near these key value levels.

COMEX Zinc (Spot): COMEX Zinc continues to stabilize within a well-defined Sideways Sentiment pattern, pausing below major multi-week milestones to build fresh energy. Overhead technical resistance stands at $3,620 – $3,660, serving as the next major hurdle for breakout buyers. Meanwhile, downside exposure remains neatly insulated, with key support levels seen between $3,580 – $3,540 keeping the structural floor intact.

Overall View: The industrial metal is moving through a healthy foundational phase, making strategic accumulation near primary support zones a high-probability playbook. Nonetheless, because industrial commodities are highly sensitive to sudden global supply shifts and wider macro data prints, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Keep position sizing conservative, execute strictly near core boundaries, and rely on disciplined stop-loss management to navigate sudden shifts in market momentum.

Commodities: Pivot Table

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