COMMODITY MARKET

GOLD

COMEX gold prices gathered bullish momentum on May 5, 2026, climbing 0.91% to trade near the $4,595.70 mark. This upward trend followed a key announcement from President Trump regarding a pause in “Project Freedom,” a strategic military initiative designed to protect commercial shipping in the Strait of Hormuz. As these developments cooled the recent surge in oil prices, investors rotated capital back into bullion, reinforcing its appeal amid the easing geopolitical friction.Price recovered from its support and is sustaining itself above $4600, thus making way for $4650.

SILVER

In early Wednesday trading, COMEX silver surged by 1.35%, buoyed by optimism surrounding a potential de-escalation of geopolitical tensions. This rally was sparked by President Trump’s remarks regarding significant headway toward a U.S.-Iran peace deal, a development that simultaneously pressured WTI crude oil prices down by 2.13%.The JOLTS report revealed 6.866 million job openings, marginally exceeding the 6.860 million forecast.Despite this slight beat, the impact remained muted and failed to sustain a price reversal, as investors focused on the fact that total openings actually reflected a decline from the previous month’s figure of 6.922 million.

ENERGY

WTI crude oil prices continued to plunge for the second straight trading session, and are seen hovering near the mark of $101.02, after U.S. President Donald Trump said an operation to reopen the Strait of Hormuz will be paused for a short period to see whether an agreement can be finalised and signed. But Trump has also said that while the operation to reopen the Strait of Hormuz will be paused, the blockade will remain in force. But downside remains limited ,as per the latest data released by API, U.S. crude oil inventories fell for the third straight week. Crude stocks fell by 8.1 million barrels in the week ended May 1.

BASE METAL

MCX copper prices gained significant traction, climbing 0.85% as cooling energy costs alleviated fears of a manufacturing slowdown across global economies. A notable lack of further military escalation between the U.S. and Iran following recent strikes helped stabilise the market, reducing the inflationary pressures that had previously weighed on industrial metals.

Evening Commodity Trading Guide 06th May 2026 

Gold Technical Outlook

MCX Gold (Jun): The domestic June contract continues its strong upward march, closely following the trend seen on COMEX. Price action remains highly constructive, with initial intraday pullbacks finding eager buyers. Upward rallies face immediate overhead friction at the resistance zone positioned at ₹1,53,200 – ₹1,54,500, while a reliable structural cushion is firmly established lower down between ₹1,51,600 – ₹1,50,000. The clear chart pattern strongly reinforces a tactical “Buy on Dips” approach near these primary support thresholds.

COMEX Gold (Spot): Spot gold has recaptured a firm Bullish Sentiment, driven by renewed technical buying and macro tailwinds. The yellow metal is actively pushing toward new milestone territory, with immediate overhead resistance standing between $4,740 – $4,800. On the flip side, any temporary profit-booking or cooling-off periods are being aggressively absorbed, with key support levels holding robustly near $4,660 – $4,580 to keep the broader structural uptrend fiercely intact.

Overall View: With both domestic and global charts heavily skewed in favor of the bulls, utilizing price soft patches to establish long exposure remains the ideal blueprint. However, for short-term trading, remain cautious against chasing overextended vertical moves, as minor intraday whipsaws can challenge aggressive positions. For long-term portfolio builders, the technical landscape remains highly accommodating; long-term investors can consider buying in small amounts on every dip toward the ₹1,51,600 – ₹1,50,000 demand pocket to smoothly optimize core holding values.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract continues to display a powerful, high-momentum chart footprint, closely tracking global trends as COMEX. Short-term upward surges are currently testing an immediate ceiling, with resistance standing at ₹2,54,500 – ₹2,60,500. On the downside, the industrial metal has established a secure safety net, with primary structural support expected near ₹2,50,500 – ₹2,45,500. This resilient framework positions the market perfectly for a “Buy on Dips” strategy.

COMEX Silver (Spot): Spot silver is charging ahead with a strong Bullish Sentiment, fueled by a synchronized acceleration in industrial demand and precious metals momentum. The white metal is actively confronting overhead barriers, with near-term resistance levels placed at $78 – $80.50. Conversely, downside risk is well-contained as buyers continuously reset the market floor higher, establishing firm supports likely around $75.50 – $73.

Overall View: The path of least resistance points cleanly upward for the white metal, confirming that pullbacks to support zones should be viewed as strategic entry points. Nevertheless, because silver is prone to swift intraday moves, for short-term trading, remain cautious and practice rigorous stop-loss discipline to protect trading capital. For those looking at the larger macro picture, this structural breakout offers a favorable backdrop; long-term investors can consider buying in small amounts on every dip inside the ₹2,50,500 – ₹2,45,500 zone to accumulate positions effectively.

Crude Oil Technical Outlook

MCX Crude Oil (May): Tightly tracking the global trend, the domestic May contract reflects a severely damaged technical structure as prices break below critical moving averages. Any intraday relief rallies are quickly meeting a wall of supply near the immediate resistance band of ₹9,250 – ₹9,750. On the lower end, the asset continues to search for a definitive floor, with structural support expected lower down at ₹8,500 – ₹8,000. The technical configuration firmly favors a “Sell on Rise” tactical blueprint.

NYMEX Crude Oil (Spot): WTI Crude Oil remains locked in a heavy Bearish Sentiment as rising global inventory numbers and a softer macro demand forecast continue to weigh on the energy complex. Recovery spikes are being aggressively faded by bears, with immediate overhead resistance now capped at $96 – $100. On the downside, the commodity is drifting toward deeper technical baselines, with key support levels seen between $90 – $85.

Overall View: With sellers holding clear control over near-term momentum, trading strategies should favor shorting into strength near established resistance bands. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Sudden supply-side headlines or geopolitical shifts can cause explosive, short-covering spikes without warning. Maintain strictly controlled position sizing and deploy trailing stop-losses to guard capital against sudden intraday reversals.

Copper Technical Outlook

MCX Copper (May): Faithfully tracking the global trend, the domestic May contract continues to show a highly constructive and resilient technical footprint. Intraday upward moves are facing immediate friction around the key resistance band at ₹1,318 – ₹1,330. Meanwhile, a very robust base of demand is waiting underneath to catch minor price pullbacks, with reliable structural support expected near ₹1,304 – ₹1,295, reinforcing a highly reliable “Buy on Dips” market environment.

COMEX Copper (Spot): Spot copper continues to power ahead with a firm Bullish Sentiment, energized by persistent global supply deficits and structural green-energy demand. The red metal is actively challenging upper technical milestones, with immediate overhead resistance standing at $6.25 – $6.32. On the flip side, minor corrective declines are being aggressively bought into, with key support levels firmly established between $6.13 – $6.04 to keep the broader structural uptrend fiercely intact.

Overall View: The broader macroeconomic and technical backdrops remain heavily skewed in favor of the bulls, making long positions on minor pullbacks or breakout accelerations the preferred strategic playbook. Nonetheless, because heightened volatility persists across the industrial metals space amid ongoing geopolitical tensions, market participants should remain extra cautious. Ensure to lock in profits at regular intervals and rely on strict trailing stop-losses to protect capital against unexpected intraday shifts.

Disclaimer:

Investment in securities markets is subject to market risks. Please read all related documents carefully before investing. (Our SEBI Reg. No. INH000010335)For Full Disclaimer: Click Here