COMMODITY MARKET (30th Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold prices traded with negative bias at the early hours of the trading session on Friday with prices falling below the  mark of $4000, with a loss of 0.70% from last close of $4020.50 amid inflation number which came around 0.3% and expectation of interest rate hike in December continued to put pressure on the yellow metal. Further continuous rise in oil prices also sustained pressure on the yellow metal. Thus from technical point of view, sustained trading and daily closing above the mark of $4050, prices would be biased towards the mark of $4110, but sustained trading below the mark of $4000, could take the prices again towards $3980.

SILVER

Silver dropped toward $51 per ounce on Friday, hitting a low not seen since November 2025. The selloff was driven by hotter-than-expected US inflation and robust economic momentum, fueling expectations that the Federal Reserve could lift interest rates before year-end. In September, the headline PCE price index rose 0.5% over the month, its steepest climb since March, pushing annual inflation to 3.6%, while core PCE reached 3.1%. Concurrently, third-quarter US GDP grew at an annualized 3.4%, beating the 3.2% consensus thanks to durable consumer demand and massive AI investments. On the technical front, prices are poised towards the downward destination of $50/$48, if prices sustains below the mark of $52.

CRUDE

Brent crude hovered firmly above $110 per barrel with an upward momentum, driven by mounting fears of renewed American military action against Iran. These anxieties followed briefings given to President Donald Trump by a high-ranking military official outlining potential offensive measures, alongside Trump’s repeated threats to restart strikes on Tehran once the upcoming midterm elections conclude. Despite diplomatic outreach, escalating regional friction, including heightened skirmishes between Saudi forces and Tehran-aligned Houthi militants, has pushed the international benchmark up by over 10% throughout October. Ongoing assaults on commercial tankers in the Strait of Hormuz further exacerbate shipping hazards, keeping supply risks elevated and sustaining the rally in oil prices.

Copper

Copper futures fell by 0.86% to finish the session at ₹1394.04. But downside  remains limited 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.

Evening Commodity Trading Guide 30^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 ₹1,43,000 – ₹1,44,500, while the primary support zone lies between ₹1,40,500 – ₹1,39,000. Technical analysis indicates that we are seeing weakness in prices from todays opening levels tested 142500 resistance and then started making lower lows patters throughout the day and RSI is also near 30 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 Bearish Sentiment profile as price action trades beneath immediate technical hurdles. Overhead resistance is identified near $4,010 – $4,060, while key underlying support levels are seen near $3,950 – $3,900.

Overall View: Gold remains under persistent short-term selling pressure, marked by lower intraday highs and an RSI hovering near oversold territory around 30. Breaching primary lower support boundaries could accelerate downside momentum, though strategic buyers can maintain disciplined, phased accumulation on price dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face intense downside pressure, keeping sentiment in line with COMEX. Technical resistance stands at ₹1,85,500 – ₹1,89,500, with support expected near ₹1,82,500 – ₹1,77,000. Technical analysis suggests yesterday broke down support of 191500 and fell and today we are seeng gap down opening and making lower lows pattern and RSI is also below 30 indicating weakness so we can expect more negative move if breaks down below 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 $51 – $51.80, while support is likely established around $50 – $48.80.

Overall View: Silver maintains a distinct bearish framework following recent support breakdowns and gap-down price action. With the RSI deeply suppressed below 30, failure to defend immediate support bounds could trigger further selling pressure, making strict risk management 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 volatile, two-way structure. Technical resistance is positioned at ₹10,000 – ₹10,250, while immediate support rests between ₹9,800 – ₹9,540. Technical analysis notes witnessing fall after resisting 1395 resistance level and making lower lows pattern althoue kind of making a w recovery patter now and RSI is also recovering but still under 40 and we can expect fall from upper levels if not sustained above the resistance and if price fall and breaked support level we can expect more negative movement. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Bullish Sentiment profile as overall international benchmarks remain firm. Resistance stands at $105 – $107.40, while key support levels are seen between $103 – $100.60.

Overall View: Crude oil is attempting a short-term intraday recovery structure following earlier weakness. However, with domestic RSI levels still trading under 40, overhead resistance zones could cap gains and trigger fresh selling pressure if price action fails to sustain higher levels.

Copper Technical Outlook

MCX Copper (Nov): Directly tracking global trend, the active November contract experiences near-term weakness within a cautious setup. Technical resistance is positioned at ₹1387 – ₹1395, while key support underpins price action between ₹1378 – ₹1370. Overall technical commentary highlights that traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

COMEX Copper (Spot): COMEX Copper holds a Bearish Sentiment profile as price action consolidates beneath immediate technical ceilings. Overhead resistance stands between $6.65 – $6.70, while key support levels are established between $6.56 – $6.50.

Overall View: Copper carries a cautious to bearish bias, tracking global benchmark weakness. Price action remains vulnerable to overhead resistance boundaries, requiring strict stop-loss discipline as geopolitical headlines continue to drive market volatility.

Commodities: Pivot Table

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