Evening Commodity Trading Guide 29th Apr 2026 

Gold Technical Outlook

MCX Gold (Jun): The domestic June contract is closely following the trend seen on COMEX, locking price action into a vulnerable near-term channel. Intraday recovery attempts face heavy overhead supply at the resistance zone positioned at ₹1,50,000 – ₹1,53,000. Conversely, the primary defensive line for buyers rests lower down between ₹1,48,000 – ₹1,45,000. Chart patterns signal that a deeper weakness in prices may continue after breaching the support zone, which could accelerate technical liquidations.

COMEX Gold (Spot): Spot gold is maintaining a Sideways to Bearish Sentiment as macro pressures and a firm dollar check the metal’s upward strides. The immediate upside remains firmly capped, with resistance visible near $4,600 – $4,700. On the downside, key support levels are seen near $4,520 – $4,420. Until bulls can gather enough momentum to clean out the overhead supply barriers, rallies are likely to meet selling pressure at higher elevations.

Overall View: With the short-term market bias pointing downward, a defensive trading stance is highly recommended. For short-term trading, remain cautious and avoid chasing bounces prematurely, as a breakdown below immediate cushions could trigger rapid technical selling. However, this corrective wave continues to serve as an attractive accumulation zone for patient money; long-term investors can consider buying in small amounts on every dip inside the major support band to optimize their long-term cost averages.

Silver Technical Outlook

MCX Silver (May): Faithfully tracking global trends as COMEX, the domestic May contract is displaying a heavy technical structure. Initial bounce attempts are running directly into a prominent supply wall standing at ₹2,44,000 – ₹2,52,000. On the flip side, the critical demand floor is expected near ₹2,37,500 – ₹2,30,000. The current technical posture warns that an extended weakness in prices may continue after breaching the support zone, opening the door for a deeper market correction.

COMEX Silver (Spot): The white metal remains stuck in a Sideways to Bearish Sentiment as short-term momentum indicators favor sellers on regular chart frames. Silver faces sharp friction on the upside, with resistance levels placed at $74 – $78.50. Meanwhile, downside structural targets are falling back toward crucial supports, which are likely around $70 – $66.

Overall View: The broader path of least resistance remains tilted to the downside for the immediate future. Consequently, for short-term trading, remain cautious and look to protect capital by utilizing strict stop-losses on any intraday positions. For those looking at the structural long-term landscape, this price correction provides an ideal backdrop to build exposure safely; long-term investors can consider buying in small amounts on every dip toward the primary support zone to accumulate value smoothly.

Crude Oil Technical Outlook

MCX Crude Oil (May): Concurrently tracking the global trend, the domestic May contract is exhibiting a highly resilient underlying structure. Short-term sellers are actively defending the primary resistance band at ₹10,000 – ₹10,500, while a reliable structural cushion is waiting lower down at ₹9,600 – ₹9,100. Chart setups indicate that the energy component may see an upmove after sustaining above the resistance zone, which could rapidly invite strong breakout buying.

NYMEX Crude Oil (Spot): WTI Crude Oil is holding onto its constructive Sideways to Bullish Sentiment, with price action steadily forming higher consolidation bases. Overhead resistance currently stands at $105.50 – $109, a boundary that bulls need to slice through to extend the current leg of the rally. On the lower end, the market is backed by solid defensive buying, with key support levels seen between $100.50 – $96.

Overall View: While the structural picture leans toward the bulls, executing trades in the current environment demands a high degree of precision. Traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. A clean, closing breakout above the overhead resistance zone could provide an excellent momentum trigger. Until then, maintain lean position sizes and rely on tight trailing stops to safely navigate sudden, headline-driven intraday swings.

Aluminium Technical Outlook

MCX Aluminium (May): Directly tracking the global trend, the domestic May contract is locked in a tight technical struggle. Overhead selling pressure is concentrated around the resistance band at ₹371 – ₹376, while a critical defensive floor is carved out near ₹367 – ₹363. Technical chart patterns indicate that a deeper weakness in prices may continue after breaching the support zone, which could spark a wave of fresh technical short-building.

LME Aluminium (Spot): LME Aluminium has settled into a Mixed Sentiment phase, with price action compressing as industrial buyers and sellers balance out supply uncertainties against macroeconomic headwinds. Immediate overhead resistance stands at $3,580 – $3,640, capping short-term bounce attempts. Conversely, pullbacks are finding a temporary cushion, with key support levels seen between $3,520 – $3,460.

Overall View: With the metal lacking a single definitive driver, a highly disciplined, boundary-based approach is required. Traders should avoid aggressive commitment in the middle of the range and instead watch the outer technical levels for structural clues. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions, making strict risk controls and protective stop-losses mandatory across the base metals complex.

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