COMMODITY MARKET (29th Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold prices traded with negative bias at the early hours of the trading session on Thursday and remained under the mark of $4050, at $4040, with a  loss of 0.66% from previous close after FED kept its interest rate constant Uncertainty surrounding monetary policy could increase following Fed Chair Kevin Warsh’s proposal to reduce annual interest-rate meetings from eight to six. Investors now await the Core PCE index number along with GDP q/q estimate for further cues on the US economy, that will further give direction to the Dollar index and then gold.But yellow metal remains under pressure, as oil prices continue to boil.  Thus from technical point of view, if yellow metal manages to close above $4050, prices would be biased towards the mark of $4110, but sustained trading below the mark of $4050, could take the prices again towards $4000/$3980.

SILVER

COMEX silver prices, tracing the path of yellow metal, traded with negative bias at the early hours of the trading session and plunged down by 1.54% to trade near the mark of $53.17. Strength in dollar index, even after interest was kept untouched and rising crude oil prices continues to be a hindrance in the upside path of silver. Investors now await the GDP estimate, PCE prices index, for further cues on US economic health. From a technical standpoint, sustained trading above the mark of $55 which is acting as a psychological resistance level could open the door for silver to challenge the $57 range in upcoming sessions. Conversely, trading below $53 risks would spark a deeper retreat toward $52 or $50.

CRUDE

Brent crude pared its recent gain, slipping 0.30% to trade around $109.53 as expectations grew for diplomatic engagement between the US and Iran to ease Middle Eastern tensions. According to a Wall Street Journal report citing US officials and informed sources, US Vice President JD Vance reached out to Iranian Security Council head Mohsen Rezaei via a letter to restart negotiations. However, sharper price drops are being kept in check by escalating Houthi strikes and market concerns that the US could initiate military action against Iran following the November 3 midterm elections. Technically, holding consistently above $110 could drive crude toward the $115 level, while a break below $105 would likely trigger a deeper slide toward $100.

Copper

Copper futures advanced by 0.09% to finish the session at ₹1,406.60, just below its crucial resistance level of 1407, amid strong fundamentals of rising demand. But subdued market sentiment over lingering concerns over prospective tariffs on imports, may limit the upside, thus copper could face resistance at ₹1407. Sustaining trading above the pivotal mark  of 1407 could pave the way for a move toward the ₹1,415 range. Conversely, falling below the mark of  ₹1,400 may again  prompt brief downward pressure toward the primary support zone near ₹1,385.

COMMODITY LEVELS:

Evening Commodity Trading Guide 29^th Oct 2026

Gold Technical Outlook

MCX Gold (Dec):The domestic December contract continues to exhibit downside pressure, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,43,800 – ₹1,45,000, while the primary support zone lies between ₹1,42,800 – ₹1,41,500. Technical analysis indicates that we are seeing weakness in prices from higher levels making lower lows patterns throughout the day and RSI is also below 50 indicating weakness so we can see more fall if prices break the support zone. 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 to Bearish Sentiment profile as price action trades beneath immediate technical hurdles. Overhead resistance is identified near $4,050 – $4,085, while key underlying support levels are seen near $4,000 – $3,960.

Overall View: Gold remains in a corrective structure, characterized by lower intraday highs and an RSI staying suppressed under 50. A sustained break below the primary support zone could accelerate downside momentum toward lower structural floors, whereas long-term buyers can continue disciplined accumulation on price dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face selling pressure, keeping sentiment in line with COMEX. Technical resistance stands at ₹1,93,000 – ₹1,96,500, with support expected near ₹1,90,800 – ₹1,88,000. Technical analysis suggests a gap down opening and yesterday witnessed resistance near 196500 and fell from there today breached days low and sustaining below 60,200EMA and RSI is also below 50 indicating weakness so we can expect more negativity if prices break the support zone. Concurrently, 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 Bearish Sentiment setup. Resistance levels are placed at $53.50 – $54.50, while support is likely established around $52 – $51.20.

Overall View: Silver maintains a distinct bearish framework following intraday breakdowns beneath short- and medium-term EMAs. With the RSI persisting below the 50 mark, failure to defend immediate support bounds could trigger further selling pressure, making tight risk controls essential for active trades.

Crude Oil Technical Outlook

MCX Crude Oil (Nov): Trading in line with International NYMEX Spot prices, the November contract displays a two-way range consolidation pattern. Technical resistance is positioned at ₹9,730 – ₹9,870, while immediate support rests between ₹9,580 – ₹9,470. Technical analysis notes a gap down opening today after testing almost 9900 yesterday and range movement today and took support near 9600 and bounced showing supply from lower zones so we can expect range movement or if prices breach the resistance we can see positive move. 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 Bullish Sentiment profile as upside momentum consolidates near key moving average zones. Resistance stands at $102.30 – $103.60, while key support levels are seen between $100.60 – $99.50.

Overall View: Crude oil exhibits range-bound movement as lower-level demand buffers pullbacks near key support bounds. A decisive breakout past upper resistance boundaries can unlock further positive momentum, though geopolitical headline risks mandate disciplined stop-loss management.

Zinc Technical Outlook

MCX Zinc (Oct): Directly tracking global trend, the active October contract experiences healthy consolidation following recent upside expansion. Technical resistance is positioned at ₹419.50 – ₹423, while key support underpins price action between ₹415.80 – ₹411.60. Technical analysis indicates yesterday prices resisted near 423 levels and fell more than 1.5% showing weakness in prices and today we are seeing a range movement RSI is near 50 showing stability, after a really positive move in past few day it is ok to see some profit booking but the overall sentiment is still positive and if price sustaining above the resistance zone we can again see positive move. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc holds a Bullish Sentiment profile as broader technical parameters remain constructive. Overhead resistance stands between $3,900 – $3,950, while key support levels are established between $3,870 – $3,825.

Overall View: Zinc is absorbing near-term profit-booking within a broader bullish structure. With RSI holding near 50, price stabilization near support floors can set up renewed upward momentum upon clearing overhead resistance zones.

Commodities: Pivot Table

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