GOLD

On COMEX, gold prices traded with a negative bias on Friday. At the wee hours of the trading session on Monday, prices dipped to the low of $ 4480, but managed to recover from the low on bargain buying and are currently trading near the level of $4540. $4550 is acting as a crucial resistance; a breach of the given level can further push the prices towards the level of $4600. However, upside in gold prices is capped amid a continuing rise in oil prices, as Iran has attacked a nuclear power plant in the UAE, reigniting the war sentiment further. There is no progress in peace talks as well. With oil prices over $100, the probability of an increasing interest rate by the Fed has risen above 60%, thus putting pressure on yellow metal prices.

SILVER

COMEX silver prices, after two days of weakness, have extended the fall and touched the low of $73.884. But prices took support from the lows and managed to rise and are trading near $75. Despite India imposing restrictions on silver imports, prices didn’t see any massive surge in prices. MCX prices remained supported amid weakening INR, which has risen to the high of Rs96.30, making it the worst-performing currency in Asia. However, upside remains capped amid inflation risk, as crude oil prices continue to trade over $100.

ENERGY

WTI crude oil prices are trading near $103 and are facing resistance at $104. Breach of the upside resistance could further push the prices towards the mark of $110 amid an increase in war risk premium along with continuous depletion in global oil reserves. Fresh attacks by Iran on the UAE nuclear power plant have heightened the Middle East tension, thus adding fuel to fuel prices and increasing the inflation risk in the coming time. On MCX, if prices breach Rs10,500, and with no resolution in the war front, could further push the prices towards 12,500 in the medium term.

BASE METAL

MCX copper saw profit booking and prices touched the low of 1325 at the wee hours of today’s session and has recovered to be trading near Rs1334. Till prices sustain above 1330, we may see copper retouching the level of 13501380. However, a fall below 1330 may make copper weak for the short term and may move towards 1300-1290. But long-term fundamentals being intact, with supply disruption and strong demand, copper prices are expected to retouch 1400 in the medium term.

Evening Commodity Trading Guide 18th May 2026 

Gold Technical Outlook

MCX Gold (Jun): The domestic June contract has entered a consolidation phase, keeping its broader sentiments in line with COMEX. Short-term trading ranges have narrowed as price action seeks equilibrium. Overhead supply pressures are highly visible near the resistance zone positioned at ₹1,60,400 – ₹1,61,500. On the lower boundary, the immediate defensive floor lies within the support zone of ₹1,58,600 – ₹1,57,600. Traders need to watch these lower bounds meticulously, as weakness in prices may continue after breaching support zones, which could invite further technical selling.

COMEX Gold (Spot): Spot gold is currently displaying a Mixed Sentiment as market participants balance conflicting macroeconomic triggers and shifting yields. This choppy, range-bound environment has kept the yellow metal capped beneath immediate resistance near $4,600 – $4,650. Conversely, downside risks are being reasonably cushioned for now, with key support levels seen holding near $4,530 – $4,480.

Overall View: With the immediate trend showing signs of exhaustion and moving sideways, short-term momentum traders should avoid aggressively chasing breakouts in the middle of the value band. Instead, look for clear confirmation near boundary extremes. Despite the near-term soft patch, the structural narrative remains valid for patient asset allocators; long-term investors can consider buying in small amounts on every dip down toward primary demand floors to average out entry costs effectively.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract is cooling off from its recent highs, keeping near-term sentiments in line with COMEX. Immediate relief rallies are facing a well-defined wall of sellers, leaving technical resistance standing at ₹2,77,500 – ₹2,83,500. On the flip side, initial downside safety nets are expected near the support zone of ₹2,72,000 – ₹2,65,500. Caution is warranted near these baselines, as a clean breakdown could trigger stop-losses, meaning weakness in prices may continue after breaching support zones.

COMEX Silver (Spot): Spot silver has drifted into a Mixed Sentiment profile as industrial demand expectations temporarily consolidate. The white metal is encountering prominent overhead friction, with resistance levels placed at $77.50 – $79.40 acting as a near-term cap. Meanwhile, localized buying interest continues to defend the structural floors, keeping major supports likely around $75.40 – $73.70.

Overall View: The silver market is currently content rotating within an established technical channel, 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 whipsaws. For long-term portfolio builders, this corrective phase offers a healthy entry window; long-term investors can consider buying in small amounts on every dip inside the core demand pockets to steadily accumulate quality exposure.

Natural Gas Technical Outlook

MCX Natural Gas (May): Moving in line with International NYMEX Spot prices, the domestic May contract reflects a highly resilient and constructive chart posture. Short-term sellers are actively clustering around the immediate overhead resistance band at ₹295 – ₹302, while major structural buyers are waiting to absorb declines near the support floor of ₹290 – ₹282.50. Technical indicators suggest that the energy asset may see an upmove after sustaining above the resistance zone, which could open the door for a fresh leg of short-covering momentum.

NYMEX Natural Gas (Spot): NYMEX Natural Gas continues to sustain a positive Sideways to Bullish Sentiment, driven by tightening storage data and shifting seasonal demand projections. Initial price spikes face a technical ceiling, with resistance standing at $3.20 – $3.30. On the lower boundary, downside corrections are being picked up quickly by bulls, leaving key support levels well-entrenched between $3.15 – $3.07.

Overall View: The broader underlying structure for the gas complex remains tilted in favor of the bulls, making long exposure on mild price pullbacks or breakout confirmations a high-probability strategy. However, because natural gas is highly reactive to sudden weather models and policy shifts, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Manage trade parameters aggressively and apply strict trailing stop-losses to protect capital.

Zinc Technical Outlook

MCX Zinc (May): Faithfully tracking the global trend, the domestic May contract continues to showcase an incredibly powerful and resilient technical footprint. Intraday advances face immediate friction around the key resistance band at ₹370 – ₹375. Meanwhile, an extraordinarily sturdy base of demand is waiting underneath to catch minor price soft patches, with reliable structural support expected near ₹365 – ₹359. Charts indicate the metal may see an upmove after sustaining above the resistance zone, signaling a clean validation of its broader structural trend.

LME Zinc (Spot): LME Zinc continues to march ahead with a firm 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 $3,550 – $3,580. On the flip side, seller dominance remains strictly limited, with key support levels firmly established between $3,520 – $3,490 to keep the uptrend intact.

Overall View: The structural framework across the industrial metals space heavily favors the bulls, making the accumulation of long positions on brief price retracements the preferred tactical blueprint. Nonetheless, because macro variables and supply-chain logistics remain highly fluid, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Lock in partial profits at regular technical intervals and rely on robust risk management rules to protect trading capital.

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