COMMODITY MARKET (09th Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold futures on the COMEX took some breather and prices are seen trading up by 0.1.08% near the mark of $4176.22, breaching its crucial level of $4150,, amid barging buying from the lower level,along with softness in dollar index and bond yield. Though the dollar index still remained above the mark of 102, but softening from the high of 102.53 to its current level of 102.028, supported the gold prices. However, on the economic number front Unemployment claim for the week ended on on 3rd October was recorded at 197K, lower than market expectation of 220K, which became a hiccup in the upside of yellow metal but breach of $4150, gave technical support to the yellow metal, which may reach for the next upside destination of $4180.

SILVER

COMEX silver also recovered from the low of 58.50, hot on Thursday and is seen trading above the mark of $60 in the wee hours of the trading session on Friday, with a daily gain of 1.54%. Upside in the silver prices remain capped amid elevated crude oil prices that remained above the mark of $100. But softness in dollar index amid fall in treasury yield of 30 year bond, suggesting investors have keen interest in long dated bonds, put pressure on dollar index which is seen trading down at 102.028, though still above the mark of 102, gave cushion to the silver metal. But upside still remains capped amid better unemployment claims data. But, from a technical perspective, if prices that manage to have daily closing above the mark of $61 threshold could clear a path for the metal to test $65 in the coming sessions, but fall below the mark of $60 could trigger a fall to the mark of $58/$56.

CRUDE

Brent Crude prices retreated toward $101.62 after briefly dropping below $104.27, unwinding earlier gains following remarks by President Donald Trump. On social media, Trump announced constructive talks with Iran and pledged to avoid military action until after the midterm elections. He also declared that crude transported through the Strait of Hormuz had reach record highs, though he sustained that the US naval blockade on Iranian ports remains active. Even so, subsequent reports revealed that the US military has drafted plans for a three-day air campaign against Iran, with targets including missile and drone depots, energy facilities, and related infrastructure. Thus, Brent crude would only turn weak after a fall in prices below the mark of $95, but daily closing above the mark of $101, could propel prices for upside in the prices towards the mark of $105.

Copper

Copper futures failed to retain momentum and settled the day at its crucial support zone of $1407, with daily loss of 0.85%, amid profit booking from higher levels, and weakness in base metal counter.But Strike at a Chilean mine added to supply concerns could continue to  push prices higher. Upside remains capped due stronger dollar which continues to be over 102 but rising demand, will keep  prices elevated, with supply concern already in place. From a technical perspective, if prices maintained the levels above ₹1,407, the pathway opened for a retest of ₹1415. But a fall under ₹1,407 might trigger a short-term pullback, falling into the ₹1,400/1385 support level.

Commodity Levels:

Evening Commodity Trading Guide 09^th Oct 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract displays improving structural momentum following a positive shift, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,52,000 – ₹1,53,000, while the primary support zone lies between ₹1,50,200 – ₹1,49,000. Chart setups reflect a gap-up opening and breaching the previous week’s high, sustaining above the 60,200 EMA, and RSI hovering near 50, which is also stable, so can see positive momentum if sustained above the resistance zone. For strategic asset placement, long-term investors can consider buying in small amounts on every dip to systematically build core holdings over time.

COMEX Gold (Spot): Spot gold carries a Sideways to Bullish Sentiment profile as buying interest consolidates near immediate support boundaries. Overhead resistance is identified near $4,225 – $4,275, while key underlying support levels are seen near $4,170 – $4,130.

Overall View: Gold has shifted toward a sideways-to-bullish framework following structural recovery above key moving averages. Sustained strength above resistance boundaries will confirm extended upside momentum, while scaling in on pullbacks remains ideal for long-term allocation.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price strength, the active December contract reflects underlying price stability near critical exponential moving averages, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,25,500 – ₹2,28,000, with support expected near ₹2,22,000 – ₹2,20,000. Technical analysis indicates a gap-up opening and sustaining above 60,200EMA with Healthy volumes and RSI hovering near 50 also show stable strength in prices, so if prices breach the resistance zone, we can see an up move. Concurrently, long-term investors can consider buying in small amounts on every dip to construct long-term allocations over time.

COMEX Silver (Spot): Spot silver exhibits a Sideways to Bullish Sentiment setup. Resistance levels are placed at $60.60 – $61.50, while key support buffers are likely established around $59.60 – $58.50.

Overall View: Silver presents a constructive technical layout backed by healthy volume expansion and RSI stabilization. A decisive breakout past immediate overhead resistance can unlock further positive momentum, supporting a disciplined buy-on-dips approach.

Crude Oil Technical Outlook

MCX Crude Oil (Oct): Trading in line with International NYMEX Spot prices, the October contract attempts price stabilization above moving average supports. Technical resistance is positioned at ₹8,850 – ₹9,000, while immediate support rests between ₹8,720 – ₹8,550. Technical analysis notes that yesterday’s fall has seen a fall from highs, but the following range today throughout the day, with a bit of positive bias, as prices are trying to sustain above 200, 60EMA, and RSI also showing signs of recovery above 50, so if it breaches the resistance zone, we can see a 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 Sentiment profile as price action consolidates within defined boundaries. Resistance stands at $91.50 – $93.20, while key support levels are seen between $90 – $88.80.

Overall View: Crude oil is establishing a neutral-to-positive recovery posture. Clearing overhead resistance zone thresholds can extend upside traction, though tight stop-loss discipline remains essential due to ongoing geopolitical headline risks.

Aluminium Technical Outlook

MCX Aluminium (Oct): Directly tracking global trend, the active October contract experiences an intraday bounce following a gap-up opening. Technical resistance is positioned at ₹338.50 – ₹342, while key support underpins price action between ₹334 – ₹330. Technical analysis indicates selling pressure was seen yesterday, but today we are seeing a recovery with a gap-up open and also breached the day’s high and is sustaining above the 60EMA but still below the 200EMA, so we have to be cautious, but if prices breach the Resistance zone, a more positive move can come. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Aluminium (Spot): LME Aluminium holds a Sideways to Bullish Sentiment profile, supported by stabilizing technical parameters. Overhead resistance stands between $3,090 – $3,120, while key support levels are established between $3,040 – $3,010.

Overall View: Aluminium demonstrates early recovery signals off lower support floors. Sustaining above immediate 60EMA boundaries and clearing major resistance zones will be key to unlocking a stronger bullish continuation.

Commodities: Pivot Table

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