COMMODITY MARKET (24th July 2026)

Commodity Levels:

Evening Commodity Trading Guide 24^th Jul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract exhibits a balanced to soft posture, keeping its short-term sentiment in line with COMEX. Short-term bounces continue to encounter supply distribution near upper boundaries, marking immediate resistance at ₹1,44,000 – ₹1,45,000. On the lower side, the key structural support zone lies between ₹1,42,000 – ₹1,40,800. Technical chart patterns suggest that weakness in prices may continue after breaching the support zone. However, for broader portfolio allocation, long-term investors can consider buying in small amounts on every dip to steadily build core positions.

COMEX Gold (Spot): Spot gold carries a Mixed Sentiment profile as market participants balance shifting macroeconomic indicators and currency flows. Price action faces overhead supply pressure near immediate resistance at $4,080 – $4,120, while primary downside cushioning remains visible near key support levels at $4,020 – $3,970.

Overall View: With gold oscillating within a defined range, taking aggressive positions in the middle zone carries sub-optimal risk-reward ratios. Active traders should prioritize execution closer to boundary triggers. For macro allocators, pullbacks toward key demand pockets lower structural entry risk and provide suitable conditions for systematic, small-scale accumulation.

Silver Technical Outlook

MCX Silver (Sept): The active September contract continues to trade inside a defensive consolidation range, keeping sentiments in line with COMEX. Immediate recovery moves are hitting noticeable supply walls, placing technical resistance at ₹2,23,000 – ₹2,26,000. Downside protection is expected around the support zone near ₹2,20,000 – ₹2,17,000. Chart setups indicate that weakness in prices may continue after breaching the support zone, emphasizing the need for disciplined risk management. Simultaneously, long-term investors can consider buying in small amounts on every dip to construct long-term allocations.

COMEX Silver (Spot): Spot silver reflects a Mixed Sentiment environment as speculative flows realign with physical demand expectations. The white metal encounters immediate technical friction near resistance levels placed at $59 – $60, while base supports are likely around $58 – $57.

Overall View: The silver market remains bound in a range-bound structure where level discipline is critical. Short-term momentum traders should wait for clear signals near core support boundaries rather than chasing choppy price action. Long-term investors can utilize interim soft patches to scale into positions steadily.

Crude Oil Technical Outlook

MCX Crude Oil (Aug): The active August contract continues to move in line with International NYMEX Spot prices, holding a constructive baseline structure. Dip-buyers remain active near lower demand pockets, establishing support at ₹8,580 – ₹8,400, while overhead resistance is positioned at ₹8,800 – ₹9,000. Given the overall market alignment, the primary tactical playbook is to Buy on Dips. However, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX Crude Oil (Spot): Spot Crude Oil is transitioning through a Sideways Sentiment pattern, consolidating recent gains below key multi-week hurdles. Overhead technical resistance stands at $91 – $93, while underlying buyers keep key support levels firmly anchored between $89 – $87.

Overall View: Crude oil maintains a favorable backdrop for buying on minor pullbacks toward established support markers. That said, given how swiftly geopolitical developments can drive sudden intraday spikes or sharp corrections, strict position sizing and trailing stop-losses remain essential to protect capital.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking global trend, the domestic July contract showcases a resilient technical foundation. Upward advances are meeting temporary supply friction near resistance at ₹386 – ₹391, while solid underlying buying offers a strong floor at support levels of ₹381 – ₹376. Under this technical configuration, the primary operational directive is to Buy on dips. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): COMEX Zinc continues to stabilize within a favorable Sideways to Bullish Sentiment channel, pausing to build energy beneath overhead hurdles. Immediate technical resistance stands at $3,620 – $3,650, while key support levels are seen between $3,580 – $3,550.

Overall View: Zinc continues to present high-probability setups for dip-buyers around key demand zones. Given broader sensitivity to macro data and supply headlines, traders should maintain disciplined risk management, avoid over-leveraging, and stick strictly to predefined level triggers.

Commodities: Pivot Table

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