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 LEVELS:

Evening Commodity Trading Guide 08^thJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract has turned increasingly defensive, keeping its short-term sentiments in line with COMEX. The market is experiencing a visible cooling-off period as lower technical boundaries are being actively tested. Overhead resistance is now tightly positioned at ₹1,55,500 – ₹1,57,000, while the critical support zone below rests between ₹1,53,500 – ₹1,52,000. Given the shift in near-term momentum, profit booking may arise near the resistance zone, making it essential to monitor overhead ceilings closely.

COMEX Gold (Spot): Spot gold has transitioned into a clear Sideways to Bearish Sentiment as macro pressures weigh down near-term expectations. Relieving spikes are running into a firmly established technical ceiling, with immediate resistance near $4,360 – $4,420 actively keeping buyers on the defensive. On the flip side, critical lines of defense to anchor the structural trend are seen holding near the key support levels of $4,280 – $4,200.

Overall View: With short-term indicators leaning structurally lower, chasing sudden intraday bounces into prominent supply blocks carries an adverse risk-to-reward ratio. Discipline near boundary boundaries is key. However, this corrective drop continues to lay down a solid baseline for patient, long-form portfolio building; long-term investors can consider buying in small amounts on every dip down into primary structural demand bands to build core visibility over time.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract is enduring a sharp momentum pullback, tracking its broader sentiments in line with COMEX. Immediate counter-trend rallies face an established wall of supply, leaving major technical resistance standing at ₹2,50,500 – ₹2,56,000. Conversely, dynamic safety nets for underlying buyers are expected lower down near ₹2,45,000 – ₹2,39,000. Traders should exercise patience at temporary spikes since profit booking may arise near the resistance zone.

COMEX Silver (Spot): Spot silver is flashing a distinct Sideways to Bearish Sentiment as short-term liquidation trends pressure the metal. Overhead technical resistance levels are heavily placed at $69.50 – $71.50, acting as a rigid cap on recovery attempts. On the downside, potential stabilizing zones are likely around the key support levels of $67.50 – $66.

Overall View: The path of least resistance for the white metal 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 values baseline. 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 ₹8,850 – ₹9,100. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹8,650 – ₹8,400. While a brief bounce from lower levels can be expected from support levels, market participants should overall be cautious as the underlying trend remains highly unstable.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has entered a clear Mixed Sentiment phase as fluctuating global inventory metrics and uneven supply parameters trigger an intense intraday tug-of-war. Upside momentum faces an immediate technical cap, with resistance standing at $92.50 – $95. On the lower boundary, pullbacks are being steadily caught by structural buyers, keeping key support levels well-entrenched between $90 – $88.

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 ₹1,350 – ₹1,362, while solid demand forces wait to absorb localized soft patches at the support floor of ₹1,335 – ₹1,320. Technical configurations indicate the red metal may see an Upmove after sustaining above the resistance zone, potentially signaling a clean validation of dynamic buyer interest.

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 $6.45 – $6.55, acting as the current threshold for breakout buyers. Meanwhile, downside exposure remains well-insulated, with key support levels seen holding robustly between $6.35 – $6.25 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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