GOLD

Early Friday trading saw COMEX gold sustain its momentum above the $4,700 level, as intensifying friction between the U.S. and Iran reinforced the metal’s status as a defensive asset. While gold’s upward trajectory was supported by Iranian strikes on U.S. naval vessels in the Strait of Hormuz, the rally was partially checked by a swift American military counter-response. Moving forward, market participants are pivoting toward the latest U.S. labor market data, which is expected to provide the next major catalyst for bullion price action.

SILVER

Silver prices climbed for a third straight day, trading near the $79.31 mark as optimism surrounding a potential U.S.-Iran diplomatic breakthrough dampened oil prices and softened global inflation fears. Market sentiment was lifted by reports that Washington delivered a formal memorandum through Pakistani intermediaries, proposing a path to end hostilities and restore access to the Strait of Hormuz. While Tehran evaluates this proposal ahead of future nuclear discussions, the upside for silver remains clouded by hawkish commentary.

ENERGY

WTI crude oil is currently experiencing muted trading activity, though prices have bounce back from a recent low of $89.95 as renewed hostilities between U.S. and Iranian. While U.S. Central Command reported that American forces successfully neutralized Iranian threats to ensure safe passage for destroyers in the Strait of Hormuz. However, Iran officials clarified that these defensive maneuvers are not intended to widen the scope of the war. Despite this friction, the energy market remains focused on a pending diplomatic response from Tehran regarding a U.S. proposal to cease the ten-week conflict and reopen vital maritime corridors.

BASE METAL

MCX copper successfully held its ground above the 1,300 mark, finding support as falling energy costs bolstered the demand outlook for the global manufacturing sector. However, the market is grappling with significant supply-side vulnerabilities, as geopolitical disruptions to sulphur shipments have led China to limit exports of sulphuric acid, a critical component for nearly 50% of Chile’s refining operations. The long-term prospects for the metal remain robust due to a wave of new agreements from major technology firms. These deals, aimed at the massive expansion of data center infrastructure, continue to drive copper consumption through its essential role in grid modernization and largescale electrification.

Evening Commodity Trading Guide 08th May 2026 

Gold Technical Outlook

MCX Gold (Jun): The domestic June contract continues to march upward in a resilient fashion, closely following the trend as COMEX. Intraday price pullbacks are meeting strong technical defense at lower levels. Upward advances face immediate overhead resistance at ₹1,53,000 – ₹1,53,300, while a secure defensive cushion is firmly established between the support zone of ₹1,52,300 – ₹1,51,000. The overall chart pattern strongly favors a tactical “Buy on Dips” approach near these primary structural support thresholds.

COMEX Gold (Spot): Spot gold maintains a confident Bullish Sentiment, well-supported by persistent technical buying and macro tailwinds. The yellow metal is actively eyeing higher milestone levels, with immediate overhead resistance standing near $4,740 – $4,800. On the lower boundary, downside risks remain well-insulated, with key support levels seen holding robustly near $4,680 – $4,620 to keep the broader bullish trajectory firmly intact.

Overall View: With the broader indices favoring the bulls, utilizing brief price corrections to accumulate long exposure remains the ideal strategy. However, for short-term trading, remain cautious against chasing overextended vertical moves at high elevations, keeping stop-losses strictly defined to mitigate sudden intraday whipsaws. Meanwhile, this steady upward accumulation phase serves long-term portfolio builders beautifully; long-term investors can consider buying in small amounts on every dip inside the major support bands to smoothly optimize their entry value over time.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract is displaying an incredibly strong, high-momentum chart footprint, closely tracking global trends as COMEX. Short-term upward surges are confronting an immediate overhead supply wall standing at ₹2,65,000 – ₹2,70,500. On the flip side, the industrial metal has carved out a secure demand floor lower down, with support expected near ₹2,60,000 – ₹2,54,500, making a structural “Buy on Dips” the preferred intraday blueprint.

COMEX Silver (Spot): Spot silver is flashing a distinct Bullish Sentiment, fueled by a synchronized acceleration across the precious metals complex. The white metal is actively challenging upper technical barriers, with resistance levels placed at $81.30 – $83. Conversely, minor profit-taking pullbacks are being aggressively absorbed by buyers, with key supports firmly established between $80 – $78.

Overall View: The path of least resistance points cleanly upward for silver, indicating that structural pullbacks to key support zones offer highly favorable entry windows. Nevertheless, given the asset’s inherently volatile nature, for short-term trading, remain cautious and follow rigorous risk parameters. For portfolio managers looking at the broader macro cycle, long-term investors can consider buying in small amounts on every dip inside the ₹2,60,000 – ₹2,54,500 support structure to smoothly scale into core positions.

Crude Oil Technical Outlook

MCX Crude Oil (May): Concurrently tracking the global trend, the domestic May contract reflects a damaged near-term chart structure as prices continue to slide below major moving averages. Any initial recovery attempts are running directly into a heavy wall of sellers at the resistance band of ₹9,100 – ₹9,300. On the downside, the primary defensive lines for bulls are located much deeper, with support expected near ₹8,850 – ₹8,600. The overall setup heavily favors a “Sell on Rise” approach.

NYMEX Crude Oil (Spot): WTI Crude Oil remains locked in a heavy Bearish Sentiment as expanding global inventory data and softening demand forecasts check the energy complex. Relief rallies are being actively faded by bears, keeping immediate overhead resistance capped between $96.50 – $99. On the lower end, the commodity is drifting toward critical baseline floors, with key support levels seen between $94 – $92.

Overall View: With sellers holding firm control over near-term momentum, trading strategies should lean toward shorting into structural strength near established resistance bands. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Sudden supply-side headlines can spark sharp, explosive short-covering spikes without warning. For this reason, keep position sizes strictly controlled and deploy trailing stop-losses diligently.

Copper Technical Outlook

MCX Copper (May): Faithfully tracking the global trend, the domestic May contract shows a highly constructive and resilient chart footprint. Intraday advances face immediate technical friction around the key resistance band at ₹1,326 – ₹1,332. Meanwhile, a very robust base of demand is waiting underneath to catch minor price soft patches, with reliable structural support expected near ₹1,319 – ₹1,312, validating a clear “Buy on Dips” market environment.

COMEX Copper (Spot): Spot copper continues to power ahead with a firm Bullish Sentiment, energized by structural green-energy demand and supply-side constraints. The red metal is actively challenging upper technical milestones, with immediate overhead resistance standing at $6.32 – $6.40. On the flip side, minor corrective declines are being eagerly bought into, with key support levels firmly established between $6.25 – $6.17 to keep the broader structural uptrend fiercely intact.

Overall View: The broader macroeconomic and technical setups remain heavily skewed in favor of the bulls, making long positions on minor pullbacks the preferred strategic playbook. Nonetheless, because traders should remain extra cautious as heightened volatility persists amid ongoing geopolitical tensions, market participants should avoid over-leveraging. Ensure to lock in profits at regular intervals and rely on strict trailing stop-losses to protect capital against unexpected intraday shifts.

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