COMMODITY MARKET (9th Nov 2026)

Morning Commodity Market Snapshot

GOLD

Gold prices traded with positive bias  and managed to gain momentum and reach beyond the level of 4120, to trade near the mark of $4130, amid  Democratic gaining majority in the mid term election has increased the hope of some solution US-Iran conflict which is weighing on the  the oil prices which plunged below the $95, thus supporting yellow metal as inflation wary fades off.Further consistent gold buying by the central bank continued to provide support to the yellow metal.  But investors are keeping on the December Fed meeting that still has probability of rate hike. From the technical perspective, prices must manage to break the $4150 level, then we may see prices reaching the upside destination of $4180/$4200, but if prices fall below the mark of $4100, could take the prices again towards $4050.

SILVER

Silver held above the $53 mark during early Monday trading, buoyed by shifting political expectations following Donald Trump’s midterm election defeat. Markets rallied in anticipation that potential Democratic control, Congress in 2027 and the presidency in 2029, would bring heavier spending, increased regulation, wider deficits, and persistent inflation, all of which favor bullion. Additional support came from crude oil softening below $95. From a technical standpoint, sustaining levels above $53 opens the door to $55 and $57, while a daily close under $50 would reverse the bias to bearish.

CRUDE

Brent crude slipped toward the $96 mark, down 0.08%, as the Democratic sweep in the U.S. midterm elections revived hopes for renewed U.S.–Iran diplomacy and the continued flow of traffic through the Strait of Hormuz. Market observers considered fresh military strikes highly unlikely provided talks over Tehran’s nuclear program and waterway access show momentum. However, Iranian Foreign Minister Abbas Araghchi pushed back on that optimism, stating no tangible progress has been made and that Tehran remains in a wait-and-see mode regarding U.S. policy post-elections. Technically, the broader bullish posture requires prices to reclaim and hold above $105, with a settlement over $110 needed to trigger renewed upside. Conversely, a sustained break below $90 would confirm emerging weakness, opening the door toward $85.

Copper

Copper futures remain unchanged at ₹1,339.35, amid buying from lower levels. But prices are seen facing pressure amid higher interest rate and slower industrial growth However, the copper faces strong resistance at ₹1,365. A sustained breakout above ₹1,365 could trigger a further rally toward the ₹1,375 zone. On the downside, a slip below ₹1,335 may spark renewed selling pressure, testing primary support near ₹1,327.

Evening Commodity Trading Guide 09^th Nov 2026

MCX Gold (Dec): The domestic December contract reflects temporary consolidation within a broader structural framework, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,44,000 – ₹1,45,000, while the primary support zone lies between ₹1,42,500 – ₹1,41,500. Technical analysis indicates seeing some profit booking, but we can expect a bounce from the lower level. For strategic long-term allocation, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions.

COMEX Gold (Spot): Spot gold displays a Sideways Sentiment profile as price action consolidates within defined technical parameters. Resistance is identified near $4,125 – $4,150, while key underlying support levels are seen near $4,080 – $4,050.

Overall View: Gold is absorbing near-term profit-booking near overhead resistance boundaries. With key support zones holding firm, lower-level demand is expected to trigger technical bounces, while strategic long-term buyers can continue disciplined, phased accumulation on price pullbacks.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price dynamics, the active December contract reflects an underlying sideways consolidation pattern, keeping sentiment in line with COMEX. Technical resistance stands at ₹1,88,000 – ₹1,91,000, with support expected near ₹1,86,000 – ₹1,82,500. Technical analysis suggests seeing some profit booking, but we can expect a bounce from the lower level. Simultaneously, long-term investors can consider buying in small amounts on every dip to build core long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a Sideways Sentiment setup. Overhead resistance levels are placed at $53.00 – $54.50, while support is likely established around $52 – $50.50.

Overall View: Silver maintains a range-bound technical structure. Near-term profit-taking is expected to find solid buying interest around intermediate support levels, confirming potential upside continuation toward overhead resistance targets.

Crude Oil Technical Outlook

MCX Crude Oil (Nov): Trading in line with International NYMEX Spot prices, the November contract experiences persistent selling pressure beneath key moving average hurdles. Technical resistance is positioned at ₹8,350 – ₹8,500, while support rests between ₹8,150 – ₹8,000. Technical analysis notes that weakness in prices may continue after sustaining below the support zone. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Sideways to Bearish Sentiment profile as price action consolidates with downside risks dominating. Resistance stands at $89.50 – $91.50, while key support levels are seen between $87 – $85.

Overall View: Crude oil remains locked in a sideways-to-bearish posture. A sustained breakdown below primary lower support bounds could accelerate downside momentum, making strict risk management essential given ongoing geopolitical uncertainties.

Zinc Technical Outlook

MCX Zinc (Nov): Showing resilience opposite of the global trend, making positive momentum in the domestic market, the active November contract displays an upward bias. Technical resistance is positioned at ₹416 – ₹419, while key support underpins price action between ₹413 – ₹409. Technical analysis indicates may see an upmove after sustaining above the resistance zone. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc holds a Sideways Sentiment profile as price action consolidates between established limits. Overhead resistance stands between $3,725 – $3,760, while key support levels are established between $3,680 – $3,650.

Overall View: Domestic Zinc displays decoupled strength from international benchmarks, building upside momentum. A decisive breakout past domestic overhead resistance boundaries can unlock further upward expansion, though elevated market volatility calls for cautious position sizing.

Commodities: Pivot Table

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