COMMODITY MARKET (22nd Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold edged down approximately 0.70% to hover near $4,111, surrendering the previous session’s advance as escalating Middle East friction boosted crude oil and revived inflation worries. Oil rallied after a drone targeted Saudi Aramco’s Shaybah facility, prompting the United States to instruct select embassy staff and dependents to evacuate Saudi Arabia. On the monetary policy side, central banks are largely anticipated to stand pat in their upcoming meetings, with the US Federal Reserve, European Central Bank, and Bank of Japan projected to keep benchmark rates steady. Even so, traders continue to price in the possibility of a Fed tightening in December should elevated energy costs keep consumer prices high. From a technical perspective, bullion needs a sustained breakout above $4,150 to target the $4,210–$4,230 resistance band. Conversely, a drop under key support at $4,100 risks accelerating a decline toward the $3,980 mark.

SILVER

COMEX silver prices are seen trading down by 2.12% near the mark of $56, at the wee hours of the trading session on Thursday, amid escalation middle east tension, which has pushed oil prices higher toward the mark of $108. Though, FED is expected to keep interest steady in the coming week,as Kevin Warsh in its Friday’s speech hinted at a pause in interest scenario amid weak US economic numbers but for December the probability still stays elevated. On the technical front, if prices that manage to have daily closing above the mark of $58 threshold could clear a path for the metal to test $62/$65 in the coming sessions, but sustained trading below the mark of $56 could trigger a fall to the mark of $54/$52.

CRUDE

Brent crude rebounded toward $110, recovering earlier weekly declines following a fatal drone strike on Saudi Aramco’s Shaybah installation that left two dead. The attack highlighted deepening geopolitical instability across the Middle East, intensifying market anxiety over potential supply shocks. Concurrently, major Ukrainian drone barrages struck essential Russian petroleum facilities this week in a bid to disrupt Moscow’s diesel export expansion under the Trump-Putin pact. Despite these supply threats, upside pressure could face headwinds from accelerating Middle Eastern outflows, which are approaching pre-conflict volumes. Notably, Saudi crude exports surged 7.9% in August to notch their strongest mark since March, while Russia is scheduled to dispatch its inaugural diesel cargo to the United States on Thursday. Technically, CRude Oil’s bullish trend stays secure provided prices hold above pivotal support at $100.Consolidating above $106 preserves the momentum needed for another retest of the $110 resistance barrier.

Copper

Copper futures amid higher inflation numbers and expectation of interest rate hike have pushed copper prices down by 0.59% to settle at 1390, but still managed to stay above the mark of 1385, a psychological support. Tight supply and increasing demand is expected to provide support to the red metal. From a technical perspective, if prices maintained the levels above ₹1400, the pathway opened for a retest of ₹1407/₹1415. But a fall below the mark of ₹1,385 might trigger a short-term pullback, falling into the ₹1370 support level.

Commodity Levels:

Evening Commodity Trading Guide 22^nd Oct 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract reflects an ongoing corrective posture, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,45,500 – ₹1,46,500, while the primary support zone lies between ₹1,44,000 – ₹1,42,600. Technical analysis indicates that gap down opening and overall a bearish tone, prices are below 60,200EMA indicating negativity and RSI also below 50 shows weakness in prices although tried to bounce from 144000 levels but facing resistance at days high so we can expect selling pressure in higher levels and if breaches the support zone we can expect more downfall. 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 Bearish Sentiment profile as price action trades beneath immediate resistance barriers. Resistance is identified near $4,110 – $4,155, while key underlying support levels are seen near $4,060 – $4,020.

Overall View: Gold remains under short-term selling pressure following structural breakdowns. Rallies toward overhead resistance boundaries are expected to encounter fresh selling interest, while a breach below key support limits could open further downside risk. Strategic investors may continue disciplined accumulation on price dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face downside pressure, keeping sentiment in line with COMEX. Technical resistance stands at ₹2,04,500 – ₹2,07,200, with support expected near ₹2,02,500 – ₹1,99,500. Technical analysis suggests gap down opening today, but took support near 202500, and we are seeing a bounce from here, and then selling pressure came, indicating overall bearish sentiment as prices are below 60, 200EMA, so we can expect selling pressure near resistance levels, and if it breaches support, we can see more negativity. 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 Bearish Sentiment setup. Overhead resistance levels are placed at $56.50 – $58, while support is likely established around $55 – $53.

Overall View: Silver maintains a weak technical framework with downside risks dominating as prices remain positioned below key exponential moving averages. Rallies face selling pressure near resistance limits, warranting strict risk management for active swing trades.

Crude Oil Technical Outlook

MCX Crude Oil (Nov): Trading in line with International NYMEX Spot prices, the November contract displays robust underlying momentum. Technical resistance is positioned at ₹9,550 – ₹9,850, while immediate support rests between ₹9,300 – ₹9,050. Technical analysis notes that continuing to show positivity, although yesterday we saw a fall around 9550, but today gap-up opening and tested 9550 resistance and sustaining above 10,60,200 EMA, and RSI is holding the 50 mark as well, indicating stability, so we can expect more positive movement if we breach the Resistance 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 Bullish Sentiment profile as upside momentum attempts to build above key moving averages. Resistance stands at $100 – $102.50, while key support levels are seen between $98.50 – $96.50.

Overall View: Crude oil demonstrates solid positive momentum backed by moving average alignment and RSI stability. A decisive breakout past upper resistance boundaries can unlock further upward expansion, though persistent geopolitical headline risks mandate strict stop-loss discipline.

Copper Technical Outlook

MCX Copper (Oct): Directly tracking global trend, the active October contract experiences near-term weakness within a highly volatile structure. Technical resistance is positioned at ₹1374 – ₹1388, while key support underpins price action between ₹1353 – ₹1340. Technical analysis indicates gap-down opening and A very volatile move are seen today, making a lower-low pattern indicating weakness, and RSI is near 30, which again shows weakness in prices. Prices are below the 60,200 EMA as well, so we can expect more down movement if sustained below or breaches the support zone. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

COMEX Copper (Spot): COMEX Copper holds a Bearish Sentiment profile as price action consolidates beneath immediate technical ceilings. Overhead resistance stands between $6.54 – $6.60, while key support levels are established between $6.47 – $6.42.

Overall View: Copper carries a distinct bearish bias, characterized by lower-low price formations, suppressed RSI levels near 30, and trading below key EMAs. Breaching support thresholds could accelerate the ongoing downside movement.

Commodities: Pivot Table

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