GOLD

COMEX gold prices traded managed to pull itself up from the previous day’s lower levels of $4268 and is currently trading at the level of $4332.  The fall in the prices has been capped over optimism of a ceasefire between Iran-Israel. Iran and Israel has agreed to halt attacks, alleviating fears of a wider escalation that raises the inflationary risks. But for the prices to rise above the mark of $4400 then, it must breach the crucial resistance of $4350 and sustain above the same. Investors will also keep an eye on US inflation numbers, due to be released on 10th June, 2026.

SILVER

COMEX Silver prices traded with subdued momentum during the wee hours of the trading session with prices hovering near the crucial resistance of $67. Downside of the silver prices were capped, as the market got cues from the possibility of cease fire between Iran and Israel. Also President Trump stated that amount negotiation  is yet again at the last leg. On the technical front, prices must sustain above the mark of $67, for the further upside, otherwise, if prices slips below the mark of $67, we may see prices reaching the downside destination of $65.

CRUDE

Brent Crude prices traded with negative bias for the fourth consecutive trading session and is trading near its support of $95 amid expectation of a peace deal between US-Iran, being the last leg of negotiation. Further cease fire has also been announced between Iran – Israel. Optimism in the war front is weighing on crude oil prices. On the technical front, if prices fall below the mark of $95, Brent could further slip to the level of $93.

Copper

MCX copper touched the low of Rs1318, but later recovered and managed to close above the crucial level of Rs1324, and settle at the level of Rs1335.  If prices sustain above the mark of Rs 1335, it may further go for the upside destination of Rs1342. Further optimism from the cease fire between Iran-Israel would also aid copper prices to reach for the upside destination in the short to medium term.

COMMODITY LEVELS:

Evening Commodity Trading Guide 09^thJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract has entered a key consolidation phase, keeping its short-term sentiments in line with COMEX. The contract is carving out a steady technical base, with overhead resistance positioned at ₹1,55,700 – ₹1,57,600. On the lower boundary, a reliable structural demand zone lies between ₹1,54,200 – ₹1,52,800. Charts indicate that the yellow metal may see an up move after sustaining above the Resistance zone, which could attract fresh momentum buying.

COMEX Gold (Spot): Spot gold continues to navigate a Mixed Sentiment profile as market participants balance macroeconomic data against physical demand. This range-bound behavior leaves immediate technical resistance established near $4,360 – $4,400. Downside exposure remains neatly insulated for the time being, with key support levels holding reliably near $4,310 – $4,270.

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 July contract is showing signs of structural resilience, keeping its near-term sentiments in line with COMEX. The metal is seeing a strong bounce from the 200DMA, which adds strong technical validation to the current demand floor. Immediate relief rallies face a well-defined wall of sellers, leaving technical resistance standing at ₹2,50,500 – ₹2,56,000, with support expected near ₹2,45,000 – ₹2,39,000. Given this setup, breaching resistance can be supportive to the prices and may open the door for a clean trend extension.

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 $69.50 – $71.50 acting as a near-term cap. Meanwhile, localized buying interest continues to defend the structural floors, keeping major supports likely around $67.50 – $66.

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): The domestic June contract continues to mirror global parameters, moving in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹8,650 – ₹8,850. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹8,450 – ₹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 tilted downward.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has drifted into a temporary Sideways to Bearish Sentiment as macro pressures and shifts in momentum line up against the energy market. Relief rallies are running into a well-defined ceiling, with immediate resistance standing at $90.50 – $92.50 keeping buyers at bay. On the lower end, key support levels are seen holding between $88.70 – $87, which will serve as crucial lines of defense for bulls trying to stabilize the trend.

Overall View: The path of least resistance for the energy complex remains defensive for the immediate horizon, meaning tactical boundary discipline and strict confirmation are vital. Short-term traders should exercise patience and avoid premature bottom-fishing before values baseline. Because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Lock in partial profits at regular technical boundaries 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 showcases an exceptionally constructive chart profile. Short-term sellers are actively grouping near the immediate overhead resistance band at ₹1,350 – ₹1,362, while long-term demand forces are waiting to absorb price soft patches at the support floor of ₹1,335 – ₹1,320. 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 $6.50 – $6.60. On the flip side, seller dominance remains strictly limited, with key support levels firmly established between $6.42 – $6.35 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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