COMMODITY MARKET(04th September 2026)

Morning Commodity Market Snapshot

GOLD

COMEX gold extended its gaining streak for the second consecutive trading session and is trading at the mark of $4475.The rebound in the gold was seen amid easing dollar index , as it has fallen below the mark of 99 and is currently trading at 98.98. Furthermore, the probability of rate hike has also reduced, after Fed Governor Christopher Waller backed the decision of leaving rates unchanged if data continued to show inflation pressures moderating. Further investors would wait for the key employment data due to this evening. Update on US-Iran will also give further cues about the gold prices direction, but if prices manages to breach the resistance of $4250, we may see the level of $4280-$4300

SILVER

COMEX silver prices traded above the mark of $65, amid easing dollar, which has fallen below the mark of 99. Further bargain buying from the lower level also kept the white metal prices supported. However investors are waiting for the key economic numbers due to be released, which includes non-farm payroll and unemployment claims that will give further cues about the labour market which may influence the interest rate decision due in the coming week. Thus, if silver prices traded above $66, we may see it reaching for the upside destination of $69-$71.

CRUDE

Brent prices are trading near the level of $95, amid escalating tension between US and Iran. For the first time since July, the US military targeted Iranian rocket launchers which were preparing to deploy mines into the Strait of Hormuz. In retaliation to which Iran has also launched attacks on the military bases of the US on Jordan, Kuwait, Bahrain, Iraq and the UAE, thus deepening the middle east tension, thus keeping oil prices elevated. If prices manage to breach $95, in Brent we may see the level of $98, sooner, however failing to do so would take prices towards $91.

COPPER

MCX copper managed to sustain above the mark of 1375 and settled the day at 1382. Copper prices are expected to remain elevated amid supply disruption and rise in demand. Thus, If Copper prices sustains above the mark of ₹1385, can push the prices towards the mark of ₹1390-1400. However, falling below 1370, would trigger weakness to the level of 1360.

Evening Commodity Trading Guide 04^th Sept 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract reflects top-heavy consolidation, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,56,000 – ₹1,58,000, while the key support zone lies between ₹1,54,000 – ₹1,52,000. Technical analysis indicates profit booking is seen from a higher level and maybe it can continue so be cautious. For structural portfolio building, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions.

COMEX Gold (Spot): Spot gold displays a Mixed Sentiment profile as upside momentum faces resistance near key psychological hurdles. Immediate resistance is identified near $4,500 – $4,560, while primary support levels are seen near $4,400 – $4,350.

Overall View: Gold experiences profit-booking pressure near recent highs. Short-term traders should exercise caution near resistance, while long-term investors can utilize orderly pullbacks toward support floors for dollar-cost averaging.

Silver Technical Outlook

MCX Silver (Dec): Tracking international benchmark strength, the active December contract displays resilient buying interest on dips, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,42,000 – ₹2,45,000, with primary support expected near ₹2,39,000 – ₹2,35,500. Under this positive technical setup, the key strategy remains Buy on Dips. Concurrently, long-term investors can consider buying in small amounts on every dip to construct strategic long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a Sideways Sentiment structure. Overhead resistance levels are placed at $67.50 – $69.50, while key support buffers are likely established around $66 – $64.

Overall View: Silver maintains a favorable structure with active buying interest on pullbacks. Buying on dips remains the preferred tactic for both short-term market participants and core investors.

Crude Oil Technical Outlook

MCX Crude Oil (Sept): Trading in line with International NYMEX Spot prices, the contract shows signs of stabilization near support zones. Technical resistance is positioned at ₹8,650 – ₹8,800, while immediate support rests between ₹8,450 – ₹8,280. Chart analysis suggests the market is seeing profit booking from higher side but may see bounce from lower levels. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil carries a Sideways to Bullish Sentiment profile, driven by underlying supply dynamics. Overhead resistance stands at $91.50 – $93.20, while key floor support levels are established between $89.50 – $87.50.

Overall View: Crude oil exhibits two-way volatility, with underlying buyers defending primary support zones. Watch for potential bounce setups near lower boundaries while enforcing strict risk controls.

Zinc Technical Outlook

MCX Zinc (Sept): Directly tracking global trend, the active September contract continues its strong bullish momentum. Technical resistance is positioned at ₹419 – ₹422, while primary support underpins price action between ₹416.50 – ₹414. Under this firm trend setup, the core tactical stance remains Buy on Dips. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc holds a Bullish Sentiment profile, supported by tight physical availability and industrial demand. Overhead resistance stands between $3,940 – $3,980, while key support levels are seen between $3,900 – $3,870.

Overall View: Zinc maintains an assertive bullish trend. Corrective dips toward immediate support zones continue to offer favorable risk-reward entry levels for trend-following strategies.

Commodities: Pivot Table

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