COMMODITY MARKET (28th Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold prices traded with positive bias on Tuesday and gained 1.10%, but early trading session on Wednesday pulled the prices yet down to the level of $4047, down by 0.31%, as investor stay cautious ahead of FEd meeting and its stance on the economy, economic stance of US. Further strength in the dollar index, which has yet again reached above the mark of 102, has been weighing on the yellow metal.Markets expect the Fed to keep rates on hold while searching for hints of a potential rate hike in December. Meanwhile, the Reserve Bank of New Zealand opted against an expected rate increase, signaling it is taking a pause on aggressive monetary policy. Further with oil prices continuing to trade above the mark of $110 also continue to weigh heavily on the gold. Thus technically, if yellow metal manages to close above $4050, prices would be biased towards the mark of $4110, but sustained trading above the mark of $4050, could take the prices again towards $4000/$3980.

SILVER

COMEX silver prices traded with negative bias at the early hours of the trading session, but managed to to sustain above the mark of $54. Though, prices sustain above the 54, would open the door for the next upside destination of $55.40/$56. Investors are awaiting GDP estimate, PCE prices index along with the interest decision due by FED this evening, thus investors stay cautious ahead of important economic numbers.  From a technical standpoint, close above the mark of $55 which is acting as psychological resistance level could open the door for silver to challenge the $57 range in upcoming sessions. Conversely, trading below $53 risks sparking a deeper retreat toward $52 or $50.

CRUDE

Brent crude climbed past $110 on Wednesday, amid  geopolitical and supply pressures. Reports suggest the U.S. is urging Gulf states to prepare for possible post-election military action against Iran. Meanwhile, Israel’s election remains deadlocked between Benjamin Netanyahu and moderate challenger Gadi Eisenkot, who favors curbing Iran’s nuclear capability without pursuing regime change. Adding to market tightness, U.S. oil stockpiles dropped by about 2 million barrels last week.  Thus, sustained trading above $110, would propel the prices towards $115, only falling and closing below $105, could make oil prices weaker towards the mark of $100.

Copper

Copper futures advanced by 0.88% to finish the session at ₹1,405.35, amid strong fundamentals of rising demand. But subdued market sentiment driven by the artificial intelligence sector and lingering concerns over prospective tariffs on imports, may limit the upside, thus copper could face resistance at ₹1407. Sustaining upward momentum above this pivotal mark could pave the way for a move toward the ₹1,407–₹1,415 range. Conversely, falling below the mark of  ₹1,385 may prompt brief downward pressure toward the primary support zone near ₹1,365.

Commodity Levels:

Evening Commodity Trading Guide 28^th Oct 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract reflects an ongoing corrective posture, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,45,000 – ₹1,46,300, while the primary support zone lies between ₹1,43,300 – ₹1,42,000. Technical analysis indicates that bounce from lower levels was seen yesterday, and today prices stable above 60,200EMA as well taking support and RSI also above 50, showing a bit stability but overall still a bit weak so we can expect fall from resistance if not sustained and if prices fall and broke the support we can expect negative movement. 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 resistance barriers. Resistance is identified near $4,070 – $4,110, while key underlying support levels are seen near $3,980 – $3,940.

Overall View: Gold continues to trade within a sideways-to-bearish framework despite minor stabilization above exponential moving averages and an RSI above 50. Overhead rejection risks persist near key resistance barriers, and a breakdown below lower support levels could renew downside momentum. Long-term investors may continue disciplined, phased accumulation on price pullbacks.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face downside pressure, keeping sentiment in line with COMEX. Technical resistance stands at ₹1,97,500 – ₹2,02,000, with support expected near ₹1,93,000 – ₹1,88,000. Technical analysis suggests we have seen a bounce in the previous session from near 192000 but today we are seeing weakness in prices prices tried to break the days high but fell and broke the days low which shows more weakness can come RSI is also below 50 showing weakness and if prices fell more and broke the support we can expect more negativity. 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 Bearish Sentiment setup. Overhead resistance levels are placed at $54.50 – $55.50, while support is likely established around $53.20 – $51.80.

Overall View: Silver maintains a distinct bearish setup following the failure of recent lower-level bounces and a break of intraday lows. With the RSI remaining suppressed below 50, breaching primary support limits could accelerate downside weakness, requiring strict risk management for active positions.

Crude Oil Technical Outlook

MCX Crude Oil (Nov): Trading in line with International NYMEX Spot prices, the November contract displays a positive stabilization structure. Technical resistance is positioned at ₹9,750 – ₹9,900, while immediate support rests between ₹9,550 – ₹9,400. Technical analysis notes that yesterday we saw fall from 9800 level and reached 9500 falling more than 3% but today we are seeing a gapup opening indicating positive tone sesiting but still holding higher levels and RSI also above 50 showing stability so we can expec more positive move after breaching the resistance zone or if prices fall we can see buying from lower levels. 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 attempts to build above key moving averages. Resistance stands at $102.30 – $104, while key support levels are seen between $100.40 – $98.80.

Overall View: Crude oil displays resilient recovery strength following early pullbacks, supported by gap-up buying and an RSI holding above 50. Clearing overhead resistance boundaries can unlock further positive momentum, though upcoming US economic data and persistent geopolitical headline risks demand disciplined risk management.

Zinc Technical Outlook

MCX Zinc (Oct): Directly tracking global trend, the active October contract experiences strong bullish momentum. Technical resistance is positioned at ₹424 – ₹430, while key support underpins price action between ₹420 – ₹414. Technical analysis indicates a really positive movement from last 2 days; after opening gapup today took support neat 420 and bouced and trying to breach the days high showing positive tone and sustaining above 10,60,200EMAs showing positivity and RSI also near 60 showing stable strength in prices so we can expect more positive move if sustained above the resistance zone or if prices fell we can expect buying from support zone. 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 price action expands upward. Overhead resistance stands between $3,890 – $3,950, while key support levels are established between $3,820 – $3,765.

Overall View: Zinc maintains strong upward traction, sustained above all primary moving average levels with RSI confirming steady buying strength near 60. A successful breach of overhead resistance zones could extend the rally, while pullbacks toward support floors continue to offer technical buying support.

Commodities: Pivot Table

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