GOLD

COMEX gold prices have plunged towards the level of 4180, breaking all its crucial support at $4200, as well, at the wee hours of the trading session on Wednesday, amid renewed hostilities between the United States and Iran, fuelling concerns about inflation and interest rate hikes. This came after US launched attacks on Iran, stating that Iran has shot down a U.S. Apache helicopter in the Strait of Hormuz,thus creating doubt over potential Peace deal between US-Iran giving hopes of settlement in geopolitical tension.Further Investors will keep eye on inflation data due to be released today.

SILVER

COMEX Silver prices are also trading lower at the level of $64, below its crucial support of $65, amid reignition of war like situation in the middle east as US has launched attacks on Iran  stating that Iran has shot down a US helicopter on the Straits of Hormuz, thus shadowing the hopes of Peace Deal between US-Iran and opening of Strait of Hornus , thus re-igniting the tension of Inflation rate, and amid higher Crude oil prices. Further Strengthening Dollar index along US bond yield also weighed on silver prices.

CRUDE

Brent Crude prices traded with positive bias during the early hours of the  trading session and is trading near its support of $95 amid failure of hopes of peace deal between US-Iran, As US attacked Iran over reports of Iran shooting down US helicopter in the Strait of Hormuz.Thus, the situation is back to square one, which is giving support to oil prices and sustained trading above $95, would take the price again towards the mark of $100.

Copper

MCX copper is trading near the crucial level of Rs 1324.  If prices fail to sustain above the mark of Rs 1324, it may further go down towards the level of Rs1320-1300. Further fear of interest  amid re-igniting tension between US-Iran would further put pressure on the  copper prices to reach for the downside destination in the short to the level of Rs1290-Rs1300.

COMMODITY LEVELS:

Evening Commodity Trading Guide 10^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 ₹1,50,000 – ₹1,52,000, while the critical support zone below rests between ₹1,48,300 – ₹1,46,000. Given the shift in near-term momentum, weakness in prices may continue, and profit booking may arise after resisting the upper levels, 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 $4,180 – $4,235 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 $4,125 – $4,065.

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 ₹2,36,000 – ₹2,44,000. Conversely, dynamic safety nets for underlying buyers are expected lower down near ₹2,32,000 – ₹2,25,000. Traders should exercise patience at temporary spikes since weakness in prices may continue, and profit booking may arise after resisting the upper levels.

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 $65 – $67.50, acting as a rigid cap on recovery attempts. On the downside, potential stabilizing zones are likely around the key support levels of $63 – $61.

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 ₹8,700 – ₹8,950. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹8,500 – ₹8,300. Technical studies indicate that only after breaching the resistance zone we can expect some positivity but overall be cautious as the broader energy matrix remains unstable.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has entered a clear Sideways to Bullish Sentiment phase as supply-side dynamics and tightening global stock projections fuel buyer aggression. Relief rallies face immediate overhead caps, with resistance standing at $91 – $93.50. Downside moves, however, continue to be actively picked up by buyers, with key support levels seen between $89 – $86 keeping the structural uptrend stable.

Overall View: While a definitive break above immediate technical barriers could invite fresh momentum buying, the energy matrix remains highly susceptible to rapid intraday swings. Traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Manage trade parameters aggressively, apply strict trailing stop-losses, and be prepared for sudden headline-driven volatility spikes near technical borders.

Copper Technical Outlook

MCX Copper (Jun): The domestic June contract has turned structurally weak, directly tracking the global trend. Intraday advances face immediate friction around the key resistance band at ₹1,320 – ₹1,330, while a temporary base of demand is waiting underneath near ₹1,303 – ₹1,290. Momentum setups indicate that weakness in prices may continue after breaching the support zone, warning bulls against premature bottom-fishing.

COMEX Copper (Spot): COMEX Copper has drifted into a temporary Sideways to Bearish Sentiment as macro pressures and shifts in momentum line up against the metal. Relief rallies are running into a well-defined ceiling, with immediate resistance standing at $6.35 – $6.45 keeping buyers at bay. On the lower end, key support levels are seen near $6.25 – $6.15, which will serve as crucial lines of defense for bulls trying to stabilize the trend.

Overall View: The industrial metal remains in a defensive consolidation phase, making a cautious approach near primary support channels the preferred choice. Because industrial commodities are highly sensitive to shifting macro policies and physical logistics constraints, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Keep risk parameters strictly defined, avoid over-leveraging, and lock in partial gains near immediate supply zones.

Commodities: Pivot Table

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