GOLD

Gold prices on the COMEX are currently experiencing a period of stagnation, oscillating near the $4,610 threshold. Despite facing typical economic headwinds that would usually suppress prices, gold remains resilient, indicating that investors are shifting their focus away from immediate inflationary concerns. Consequently, market participants are maintaining a cautious stance as they await upcoming U.S. labor data, specifically the JOLTS job openings report, to gauge the health of the American economy and determine the next trend for precious metals.

SILVER

Silver is currently maintaining a steady to slightly bullish stance, trading in the vicinity of $75.581 as market sentiment reacts to potential de-escalation between the U.S. and Iran. Prices are finding support following reports that Tehran is reviewing a formal American response to its 14-point peace initiative, which was facilitated through Pakistan.From a technical perspective, as long as silver sustains its position above the $75 psychological floor, the next primary target for an upward move is projected at $78.

ENERGY

Energy markets experienced a turbulent Monday session as crude prices recovered from a floor of $99.11 and is hovering near the $102.06, driven by a clash between optimistic risk sentiment and ongoing Middle Eastern friction. Although a new peace draft from Iran has entered the diplomatic channel, President Trump’s vocal disapproval of the terms has stifled any immediate hopes for a resolution, keeping investors on edge.

BASE METAL

Copper prices on the MCX maintained their upward trajectory, ending the most recent session at Rs1,282.20 with a modest gain of 0.13%. This bullish momentum is largely fueled by strengthening demand from China, where manufacturing growth surged past expectations in April as producers rushed to export goods before the Middle East conflict further inflates logistics costs.

Evening Commodity Trading Guide 04th May 2026 

Gold Technical Outlook

MCX Gold (Jun): The domestic June contract continues to run following the trend as COMEX, locking price action into a vulnerable short-term structure. Intraday bounce attempts are facing a strict cap at the resistance zone positioned at ₹1,51,000 – ₹1,53,000. On the flip side, the critical support floors are expected to hold between ₹1,49,000 – ₹1,47,000. Technical patterns warn that a deeper weakness in prices may continue after breaching the support zone, which could trigger an acceleration in technical liquidations.

COMEX Gold (Spot): Spot gold is exhibiting a Sideways to Bearish Sentiment as the unwinding of the safe-haven premium keeps the metal pinned beneath near-term moving averages. Immediate overhead resistance is now firmly established near $4,600 – $4,675, a zone likely to attract aggressive selling on relief rallies. On the downside, the primary defensive cushions for bulls are seen deeper near $4,520 – $4,450. Until spot prices convincingly reclaim the upper resistance barriers, the path of least resistance remains tilted to the downside.

Overall View: With the short-term trajectory shifting into a defensive posture, for short-term trading, remain cautious and look to sell into strength or play breakout acceleration upon a confirmed breakdown below immediate floors. However, for structural buyers with a multi-month horizon, this corrective phase offers an attractive value window; long-term investors can consider buying in small amounts on every dip toward the ₹1,49,000 – ₹1,47,000 band to smoothly optimize their core entry costs.

Silver Technical Outlook

MCX Silver (Jul): The domestic July contract is closely tracking global trends as COMEX, maintaining a heavy technical structure on the daily charts. Short-term rallies are hitting an immediate supply wall standing at ₹2,46,000 – ₹2,52,000, while a deep structural support band is expected lower down near ₹2,42,000 – ₹2,37,000. Chart setups indicate that a deeper weakness in prices may continue after breaching the support zone, which could unlock fresh momentum-based short-building.

COMEX Silver (Spot): Silver has shifted into a Sideways to Bearish Sentiment as a strengthening dollar and cooling industrial buyer momentum pressure the metals complex. The white metal faces prominent overhead friction, with resistance levels placed at $75 – $78.50 keeping near-term recovery surges well-contained. On the lower end, the broader demand pocket is drifting, with key supports likely around $72 – $69.50. Expect a choppy, downward-sloping consolidation until a fresh macroeconomic catalyst emerges.

Overall View: With the near-term technical bias leaning in favor of the bears, buyers must exercise high patience and execution discipline. For short-term trading, remain cautious and avoid chasing bounces prematurely. Conversely, this sharp correction provides an ideal structural window for value hunters; long-term investors can consider buying in small amounts on every dip inside the ₹2,42,000 – ₹2,37,000 support zone to build core long exposure at improved cost averages.

Crude Oil Technical Outlook

MCX Crude Oil (May): Concurrently tracking the global trend, the domestic May contract reflects a highly constructive technical footprint. Initial recovery attempts face an immediate barrier at the resistance band of ₹10,100 – ₹10,400, while a very resilient defensive layer is waiting lower down at the support levels of ₹9,750 – ₹9,400. The current setup shifts the preferred intraday strategy to a tactical “Buy on Dips” near primary technical floors.

NYMEX Crude Oil (Spot): WTI Crude Oil has climbed into a confident Bullish Sentiment, fueled by tightening global inventory stock dynamics and localized supply risks. Rallies are finding strong momentum, with immediate overhead resistance now standing at $105.50 – $108. On the downside, pullbacks are being aggressively defended by buyers, with key support levels firmly established between $102 – $99, keeping 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 ideal blueprint. However, because heightened volatility persists across the energy complex amid ongoing geopolitical tensions, traders must protect capital diligently. Market participants should remain extra cautious, lock in profits at regular technical intervals, and rely on strict trailing stop-losses to guard against sudden, headline-driven intraday reversals.

Aluminium Technical Outlook

MCX Aluminium (May): Directly tracking the global trend, the domestic May contract displays an increasingly robust structural footprint. Short-term sellers are actively clustering near the overhead resistance band at ₹372.20 – ₹376.20, while solid technical support rests lower down at ₹368.20 – ₹365. Chart structures imply that the light industrial metal may see an upmove after sustaining above the Resistance zone, potentially sparking a sharp momentum breakout.

LME Aluminium (Spot): LME Aluminium continues to exhibit a resilient Sideways to Bullish Sentiment, taking a brief technical breather right underneath major overhead technical barriers. Underlying physical demand and steady warehouse data continue to reinforce the asset. Immediate resistance stands at $3,530 – $3,560, while minor corrective pullbacks are being eagerly absorbed by buyers, keeping key support levels firmly established between $3,485 – $3,450.

Overall View: The technical layout remains structurally tilted in favor of the bulls, making a “buy on dips or breakout acceleration” the preferred market playbook. A clean, consecutive close above the overhead resistance zone could trigger an extensive short-covering rally. However, since heightened volatility persists across the base metals complex due to fluid macro conditions and ongoing geopolitical tensions, traders should remain extra cautious and practice tight risk management.

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