COMMODITY MARKET (5th Nov 2026)

Morning Commodity Market Snapshot

GOLD

Gold prices traded with positive bias  and managed to gain momentum and reach beyond the level of 4100, to trade near the mark of $4132, after Democratic makes a historic come back in the US mid term election, increasing the hope of some solution US-Iran conflict which pushed the oil prices lower to the mark of $92, thus supporting yellow metal as inflation wary fades off. But market will still keep focus on December Fed meeting that still has probability of rate hike.  Taking a technical point of view, if the momentum continues and prices manage to break the $4150 level, then we may see prices reaching the upside destination of $4180/$4200, but if prices fall below the mark of $4000, could take the prices again towards $3980.

SILVER

Silver pushed past $53 an ounce on Thursday, extending its recent rally as Democratic victories in the U.S. midterm elections fueled hopes for a resolution to the U.S.–Iran conflict. The political shift triggered a sharp drop in oil prices, aided by President Donald Trump acknowledging that the war and high gas prices hurt Republicans at the polls. With Trump signaling no immediate plans to escalate strikes against Iran, crude slid below $95, further boosting silver’s momentum. Technically, holding above $53 opens the path toward targets of $55 and $57, whereas a close below $50 would shift the outlook back to the downside.

CRUDE

Brent crude experienced downward pressure, dropping below the level of $95, down by 1.14% from previous close of 93.32, as US mid term election saw Democratic taking over houses bring back the possibility of diplomatic talk between US and ran and strait of hormuz being open, as number of attacks reduced. 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 $90 would indicate a shift toward market weakness, targeting the $85 level.

Copper

Copper futures ticked up 0.19% to settle at ₹1,374, buoyed by solid underlying demand fundamentals. However, the metal continues to encounter strong resistance at ₹1,407. A sustained breakout above ₹1,407 could trigger a further rally toward the ₹1,415 zone. On the downside, a slip below ₹1,385 may spark renewed selling pressure, testing primary support near ₹1,370.

Evening Commodity Trading Guide 05^th Nov 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract reflects a firming technical structure, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,46,000 – ₹1,47,500, while the primary support zone lies between ₹1,44,000 – ₹1,43,000. Technical analysis indicates positive momentum and bounce is from few days from lower level if sustained above the resistance zone, 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 to Bullish Sentiment profile as price action attempts to expand above intermediate consolidation levels. Resistance is identified near $4,150 – $4,200, while key underlying support levels are seen near $4,080 – $4,030.

Overall View: Gold continues to build positive momentum following a multi-session rebound off lower support floors. Clearing overhead resistance boundaries could catalyze a broader upward expansion, while long-term investors can maintain disciplined, phased accumulation on dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price recovery, the active December contract shows improving technical traction, keeping sentiment in line with COMEX. Technical resistance stands at ₹1,91,000 – ₹1,95,000, with support expected near ₹1,87,000 – ₹1,82,500. Technical analysis suggests positive momentum and bounce is from few days from lower level if sustained above the resistance zone, 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 to Bullish Sentiment setup. Overhead resistance levels are placed at $53.50 – $54.60, while support is likely established around $52.30 – $51.

Overall View: Silver demonstrates constructive recovery characteristics backed by consecutive sessions of higher lows off recent support zones. Sustaining above immediate resistance limits will be crucial to confirming bullish continuation, while disciplined accumulation remains advisable for strategic investors.

Crude Oil Technical Outlook

MCX Crude Oil (Nov): Trading in line with International NYMEX Spot prices, the November contract experiences significant downside pressure, reflecting broader market weakness. Technical resistance is positioned at ₹8,500 – ₹8,750, while support rests between ₹8,200 – ₹8,000. 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 Bearish Sentiment profile as price action consolidates beneath key moving average zones. Resistance stands at $90 – $92.80, while key support levels are seen between $87.50 – $84.40.

Overall View: Crude oil has shifted into a clear bearish technical structure following sharp breakdowns. Sustaining beneath primary lower support bounds could trigger further downside momentum, making strict risk management essential given ongoing geopolitical uncertainties.

Zinc Technical Outlook

MCX Zinc (Nov): Directly tracking global trend, the active November contract displays an upward bias following early strength. Technical resistance is positioned at ₹419 – ₹423, while key support underpins price action between ₹414 – ₹409. Technical analysis indicates gap-up opening; 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 a positive bias. Overhead resistance stands between $3,870 – $3,910, while key support levels are established between $3,820 – $3,775.

Overall View: Zinc maintains a positive trading tone following a gap-up opening and steady support near intermediate EMAs. A decisive breakout past upper resistance boundaries can unlock further upward expansion, though persistent geopolitical headline risks mandate strict stop-loss discipline.

Commodities: Pivot Table

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