Morning Commodity Market Snapshot

GOLD

COMEX gold prices were seen trading above the mark of $4200 to reach the early high of $4246, but couldn’t sustain and is currently hovering at the level of $4191.64, down b 0.53% from previous daily close. Prices gained momentum on positivity from the WAR front, as the US president said that a deal could be reached with Iran as early as this weekend. Iran’s semi-official news agency also reported that Tehran may accept the agreement. But prices failed to sustain the level of $4250 and above and plunged on profit booking and investor staying caution of FED interest decision due to be delivered on 17th June, 2026.

SILVER

COMEX Silver prices managed to sustain above the crucial level of $65 and is currently hovering near the level of $67, amid positivity from both US and Iran sides, amid a peace deal which is likely to be reached by this weekend, as informed by the US. Further Iran’s semi government News agency FARS also confirmed that Iran is most likely to accept the agreement, though final approval is yet to come. However, strength in dollar index along US 10 year bond yield is weighing on bullion prices and even investors are cautious before the interest rate decision by FED due on 16 and 17th June, 2026.

CRUDE

Brent Crude prices continue to trade below $100 and are currently hovering near the level of $96.78, showing sign of ease, as the US military announced it completed its latest strikes on Iran, raising hopes that peace negotiations could resume. But the downside in oil remains capped as EIA in the latest report showed that  US crude inventories fell by 7.2 million barrels last week, extending their decline for the seventh consecutive week.

COPPER

MCX copper prices after five consecutive days of plunging, prices have finally managed to pull themselves above the crucial mark of Rs1324. However for further upside in the copper prices, it must sustain this level and trade above the same. On the flip side, fall and trading below Rs1324, could again make copper weak for the level of 1320. However, if the peace deal is reached by this weekend and the war between US-Iran settles down, then copper prices could further strengthen towards the mark of Rs1342.

COMMODITY LEVELS:

Evening Commodity Trading Guide 12^thJun 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract has entered a key consolidation phase, keeping its short-term sentiments in line with COMEX. The contract is carving out a steady technical base, with overhead resistance positioned at ₹1,51,000 – ₹1,53,000. On the lower boundary, a reliable structural demand zone lies between ₹1,49,500 – ₹1,47,000. Charts indicate that the yellow metal may see an upmove after sustaining above the resistance zone, which could attract fresh momentum buying.

COMEX Gold (Spot): Spot gold continues to navigate a Mixed Sentiment profile as market participants balance macroeconomic data against physical demand. This range-bound behavior leaves immediate technical resistance established near $4,230 – $4,300. Downside exposure remains neatly insulated for the time being, with key support levels holding reliably near $4,175 – $4,100.

Overall View: Because the yellow metal is currently lacking an aggressive directional trigger, avoiding chasing overextended positions in the middle of the value band remains the most prudent path. Short-term momentum players should focus on clear risk-defined parameters near range extremes. For strategic portfolio builders, this non-linear phase represents a constructive accumulation window; long-term investors can consider buying in small amounts on every dip inside the core support bands to balance out their entry costs effectively.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract has dropped back into an established consolidation channel, keeping near-term sentiments in line with COMEX. Immediate relief rallies face a well-defined wall of sellers, leaving technical resistance standing at ₹2,45,000 – ₹2,50,000. On the flip side, dynamic downside safety nets are expected near the support zone of ₹2,40,000 – ₹2,35,000. Technical setups indicate that the metal may see an upmove after sustaining above the resistance zone, which could open the door for a clean trend extension.

COMEX Silver (Spot): Spot silver has drifted into a Mixed Sentiment profile as market participants balance industrial demand expectations against near-term macro headwinds. The white metal is encountering prominent overhead friction, with resistance levels placed at $68 – $70 acting as a near-term cap. Meanwhile, localized buying interest continues to defend the structural floors, keeping major supports likely around $66.50 – $65.

Overall View: The silver market is currently content rotating within an established technical range, meaning patience and strict boundary discipline will yield the best risk-to-reward ratio. Shorter-term traders should protect trading capital by avoiding over-leveraged positions during intraday swings. On a macro level, this corrective phase offers a healthy entry window; long-term investors can consider buying in small amounts on every dip within the major demand pockets to steadily accumulate quality exposure.

Crude Oil Technical Outlook

MCX Crude Oil (Jun): The domestic June contract continues to mirror global parameters, moving safely in line with International NYMEX Spot prices. Near-term price action faces prominent overhead supply caps, with technical resistance mapped at ₹8,200 – ₹8,500. On the lower boundary, the floor demands careful monitoring, with key structural support located at ₹7,900 – ₹7,550. Technical indicators indicate that weakness in price may continue, although we can expect a bounce from support levels but overall be cautious as underlying trend stabilities remain highly fragile.

NYMEX WTI Crude Oil (Spot): WTI Crude Oil has entered a clear Mixed Sentiment phase as fluctuating global stock projections and uneven supply parameters trigger an intense intraday tug-of-war. Upside momentum faces an immediate technical cap, with resistance standing at $86 – $88.50. On the lower boundary, pullbacks are being steadily caught by structural buyers, keeping key support levels well-entrenched between $84 – $82.

Overall View: The energy complex is currently trapped in a choppy, range-bound pattern, suggesting a highly disciplined tactical approach until a clear breakout emerges. Because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Lock in partial profits at regular technical boundaries, manage position sizes strictly within risk limits, and use strict trailing stop-losses to hedge against swift, headline-driven reversals.

Copper Technical Outlook

MCX Copper (Jun): Directly tracking the global trend, the domestic June contract showcases an exceptionally constructive chart profile. Short-term sellers are actively grouping near the immediate overhead resistance band at ₹1,338 – ₹1,350, while long-term demand forces are waiting to absorb price soft patches at the support floor of ₹1,330 – ₹1,315. Given the current structural positioning, the primary intraday blueprint centers on a tactical “Buy on Dips” scenario near these vital support baselines.

COMEX Copper (Spot): COMEX Copper continues to march ahead with a firm Sideways to Bullish Sentiment, energized by persistent global supply constraints and robust physical spot market demand. The industrial metal is actively challenging upper milestones, with immediate overhead resistance standing at $6.50 – $6.60. On the flip side, seller dominance remains strictly limited, with key support levels firmly established between $6.40 – $6.30 to keep the uptrend intact.

Overall View: With the broader macro and micro elements lining up in favor of the bulls, accumulating long exposure on mild price pullbacks or breakout confirmations remains the dominant, high-probability strategy. However, because industrial commodities are highly sensitive to sudden logistics or macro shocks, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Lock in partial profits at regular intervals and ensure trailing stops are used effectively to shield capital against unexpected intraday reversals.

Commodities: Pivot Table

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