COMMODITY MARKET (4th Nov 2026)

Morning Commodity Market Snapshot

GOLD

Gold prices traded with flat to positive bias continued to trade near the mark of $3933, with gain of 0.08% from previous close of $3929.30. The gold remained steady as investors awaited US mid term election results for cues on interest rate and fiscal policy.Initial election outcomes indicated momentum for Democrats across several critical contests, pointing toward potential shifts in the balance of power in Congress and casting doubt on the future direction of U.S. budget policy. Simultaneously, lower crude oil prices provided a boost to precious metals, with oil hovering near a one-month low amid mixed messages surrounding U.S.-Iran diplomatic talks. Both nations evaluated mediated proposals following alleged U.S. military strikes on Iran’s Qeshm Island. Nevertheless, market expectations for a December interest rate increase remain firmly above 75%, creating headwinds for gold’s upward trajectory. Taking a technical point of view, daily closing above the mark of $3950, prices would be biased towards the mark of $3970/4010, but if prices fall below the mark of $3900, could take the prices again towards $3870.

SILVER

Silver prices failed to sustain momentum and reached above the mark of $50, and continued to trade at the mark of $49. As investors await the US mid term election. As the early results shows democratic gaining pace in th election, which may further change the stance of US government on fiscal policy and interest rate decision. Further fall in the prices of oil also supported the silver prices, thus giving cushion and keeping it above the mark of $48. On the technical front, holding under $50 keeps oil vulnerable to a fall toward $48, while only a weekly close higher than $52 could trigger a rally toward $55.

CRUDE

Brent crude experienced downward pressure, dropping to a low of $101.95, down by 1.4% from previous close as signs of diplomatic progress between the US and Iran helped temper supply fears. Further prices also sustained pressure as Mid term election early projection shows democratic gaining strength which may further put pressure on the oil prices on the expectation of changes in fiscal and interest rate decision.The U.S. midterm elections will most directly impact financial markets through their effect on Middle East diplomacy, determining whether the region moves toward a peaceful resolution or faces renewed U.S. military strikes. From a technical standpoint, the broader bullish trend stays valid while prices hold above $105, with a settlement above $110 potentially sparking further upside. Conversely, a drop below $100 would indicate a shift toward market weakness, targeting the $95 level.

Copper

Copper futures fell by  1.91% to finish the session at ₹1365,  amid strength in dollar index rising LME inventory and slowing industrial growth But later prices rebounded from the low of 1346, amid  strong fundamentals of rising demand. But copper continued to 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  ₹1,385 may again  prompt brief downward pressure toward the primary support zone near ₹1,370.

Commodity Levels:

Evening Commodity Trading Guide 04^th Nov 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract displays a potential recovery attempt off support, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,43,500 – ₹1,45,000, while the primary support zone lies between ₹1,42,000 – ₹1,40,500. Technical analysis indicates that seeing a bounce from lower levels, if sustained above the resistance, we can expect a positive move. 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 $4,060 – $4,120, while key underlying support levels are seen near $4,000 – $3,960.

Overall View: Gold has transitioned into a sideways consolidation range as lower-level demand buffers recent downside momentum. A sustained breakout above overhead resistance boundaries could unlock renewed positive price action, while long-term investors can maintain disciplined, phased accumulation on dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price action, the active December contract attempts a short-term rebound, keeping sentiment in line with COMEX. Technical resistance stands at ₹1,90,000 – ₹1,95,000, with support expected near ₹1,83,000 – ₹1,77,500. Technical analysis suggests seeing a bounce from lower levels, if sustained above the resistance, we can expect a positive move. 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 – $54.60, while support is likely established around $51 – $49.

Overall View: Silver reflects range-bound conditions following an intraday bounce off lower support limits. Sustaining above immediate resistance zones remains crucial for confirming positive follow-through, whereas failure to hold support could re-engage selling pressure.

Crude Oil Technical Outlook

MCX Crude Oil (Nov): Trading in line with International NYMEX Spot prices, the November contract experiences persistent selling pressure. Technical resistance is positioned at ₹9,120 – ₹9,360, while support rests between ₹8,880 – ₹8,600. 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 trades beneath overhead moving average barriers. Resistance stands at $97 – $98.60, while key support levels are seen between $94.50 – $93.

Overall View: Crude oil maintains a sideways-to-bearish posture. A sustained breakdown beneath primary support bounds could accelerate further downside momentum, making strict stop-loss management essential given persistent geopolitical risks.

Zinc Technical Outlook

MCX Zinc (Nov): Directly tracking global trend, the active November contract shows positive recovery characteristics from lower floors. Technical resistance is positioned at ₹419 – ₹423, while key support underpins price action between ₹414 – ₹409. Technical analysis indicates a good recovery is seen from lower levels; if sustained above the resistance zone, we can expect a positive move. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc holds a Sideways to Bullish Sentiment profile as price action consolidates with an upward bias. Overhead resistance stands between $3,870 – $3,910, while key support levels are established between $3,820 – $3,775.

Overall View: Zinc demonstrates constructive price behavior following a solid bounce off lower support boundaries. Clearing the overhead resistance zone could catalyze further upside expansion, provided broader market stability holds amid ongoing volatility.

Commodities: Pivot Table

Disclaimer:

Investment in securities markets is subject to market risks. Please read all related documents carefully before investing. (Our SEBI Reg. No. INH000010335)

AI Usage Disclosure: Artificial Intelligence (AI) tools were utilized exclusively for document formatting, structural layout, and presentation refinement.
All underlying research, financial analysis, forecasts, and investment recommendations are fully independent and conducted solely by the analyst(s).

For Full Disclaimer: Click Here