GOLD

COMEX gold prices traded with a downward bias but managed to hold above the $4,500 level. While a stronger US dollar kept gold under pressure, geopolitical developments provided mixed signals. Tensions eased slightly following progress in the US-Iran conflict, which also dragged Brent crude below $100, yet market uncertainty remains high. Investors are staying cautious as a definitive deal has yet to be signed, especially after Israeli Prime Minister Netanyahu ordered troops further into Lebanon against Hezbollah, testing a ceasefire announced over six weeks ago.

SILVER

Silver stabilized above $75 an ounce on Monday after a volatile week, as negotiations for a long-term US-Iran ceasefire showed limited progress. Over the weekend, Washington and Tehran exchanged proposals aimed at amending a draft accord to extend the truce and reopen the Strait of Hormuz, though a definitive resolution remains uncertain. From a technical standpoint, if silver can sustain its momentum above the critical $75 support level, the metal could potentially target a move toward the $77 to $79 range.

CRUDE

Brent crude prices continue to trade below the $100 mark, though they rebounded from recent lows to hover around $96.29. This price action comes amid persistent uncertainty surrounding a potential peace agreement between the US and Iran. Over the weekend, both nations exchanged proposals to revise a draft deal aimed at extending the ceasefire and reopening the Strait of Hormuz, but clear signs of progress remain elusive. Looking ahead, if a deal is successfully finalized and prices fail to hold above the key $95 support floor, Brent could retrace further toward the $93 level.

Copper

MCX copper continued to trade below Rs1350, and settled at the level of Rs1348.75, amid uncertainty over the US-Iran deal. But prices are still respecting its level of Rs1342. Thus, if prices sustain above Rs1342, Rs1350 would be the first upside destinatio.. Further fuel in AI stocks along with exponential rise in demand, is expected to keep copper prices elevated in long term.

Commodity Update:

Evening Commodity Trading Guide 01st Jun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract continues to navigate a defined consolidation range, keeping its short-term sentiments in line with COMEX. The technical boundary is firmly set, with overhead resistance positioned at ₹1,60,000 – ₹1,61,500. On the lower end, the crucial demand floor is located between the support zone of ₹1,59,000 – ₹1,57,500. Given the current structural positioning, the primary intraday blueprint centers on a tactical “Buy on Dips” scenario near these vital baselines.

COMEX Gold (Spot): Spot gold is locked in a Mixed Sentiment profile as market participants weigh competing macroeconomic indicators against physical demand. This range-bound behavior leaves immediate technical resistance established near $4,540 – $4,600. Downside risks appear well-insulated for the moment, with key support levels holding reliably near $4,480 – $4,420.

Overall View: Because the yellow metal is currently lacking an aggressive directional trigger, avoiding chasing overextended positions in the middle of the value band remains the most prudent path. Short-term momentum players should focus on clear risk-defined parameters near range extremes. For strategic portfolio builders, this non-linear phase represents a constructive accumulation window; long-term investors can consider buying in small amounts on every dip inside the core support bands to balance out their entry costs effectively.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract has dropped back into an established consolidation channel, keeping near-term sentiments in line with COMEX. Immediate relief rallies are facing a well-defined wall of sellers, leaving technical resistance standing at ₹2,69,000 – ₹2,75,000. On the flip side, dynamic downside safety nets are expected near the support zone of ₹2,65,000 – ₹2,60,000. Given the resilient demand pattern emerging at lower bands, a “Buy on Dips” approach remains the high-probability technical stance for local players.

COMEX Silver (Spot): Spot silver has drifted into a Mixed Sentiment profile as market participants balance industrial demand expectations against near-term macro headwinds. The white metal is encountering prominent overhead friction, with resistance levels placed at $76.50 – $78.80 acting as a near-term cap. Meanwhile, localized buying interest continues to defend the structural floors, keeping major supports likely around $74.80 – $73.

Overall View: The silver market is currently content rotating within an established technical range, meaning patience and strict boundary discipline will yield the best risk-to-reward ratio. Shorter-term traders should protect trading capital by avoiding over-leveraged positions during intraday swings. On a macro level, this corrective phase offers a healthy entry window; long-term investors can consider buying in small amounts on every dip within the major demand pockets to steadily accumulate quality exposure.

Crude Oil Technical Outlook

MCX Crude Oil (Jun): Moving cleanly in line with International NYMEX Spot prices, the domestic June contract exhibits a highly reactive chart footprint. Intraday advances are currently testing a strong line of sellers, with technical resistance mapped at ₹8,700 – ₹8,900, while solid underlying floor defense is waiting near the support levels of ₹8,500 – ₹8,300. While traders can implement a “Buy on Dips” strategy near immediate supports, they should overall be cautious as the broader energy matrix is prone to rapid intraday shifts.

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 $92 – $95. Downside moves, however, continue to be actively picked up by buyers, with key support levels seen between $89.50 – $87 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): Directly tracking the global trend, the domestic June contract showcases an exceptionally constructive chart profile. Short-term sellers are actively grouping near the immediate overhead resistance band at ₹1,372 – ₹1,385, while long-term demand forces are waiting to absorb price soft patches at the support floor of ₹1,362 – ₹1,348. Technical patterns indicate that the metal may see an upmove after sustaining above the resistance zone, signaling a clean validation of its broader structural trend.

COMEX Copper (Spot): COMEX Copper continues to march ahead with a firm Sideways to Bullish Sentiment, energized by persistent global supply constraints and robust physical spot market demand. The industrial metal is actively challenging upper milestones, with immediate overhead resistance standing at $6.65 – $6.73. On the flip side, seller dominance remains strictly limited, with key support levels firmly established between $6.55 – $6.45 to keep the uptrend intact.

Overall View: With the broader macro and micro elements lining up in favor of the bulls, accumulating long exposure on mild price pullbacks or breakout confirmations remains the dominant, high-probability strategy. However, because industrial commodities are highly sensitive to sudden logistics or macro shocks, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Lock in partial profits at regular intervals and ensure trailing stops are used effectively to shield capital against unexpected intraday reversals.

COMMODITIES: PIVOT TABLE

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