Commodities Evening Wrap 23th june, 2026 by Axis Securities Ltd
Macro
• Gold prices fell more than 2% on Tuesday, pressured by a stronger U.S. dollar amid expectations that the Federal Reserve could raise interest rates later this year. Investors also remained focused on developments in the ongoing U.S.-Iran peace negotiations.
• Copper futures declined below $6.30 per pound on Tuesday, extending losses as easing supply concerns and softer demand weighed on market sentiment. Industry data showed that global copper concentrate shipments have increased since April, indicating improved raw material availability.
• WTI crude oil fell below $73 per barrel on Tuesday, extending losses from the previous session and touching a near three-month low. Prices came under pressure following signs of initial progress in the ongoing peace talks between the United States and Iran.
Gold
SELL GOLD BELOW 145500 SL ABOVE 146500 TGT 144100/143600.
* Nearby Support: 1,45,500/ 1,44,000/ 1,42,800
* Nearby Resistance: 1,47,100/ 1,48,800/ 1,50,000
* Nearby Gaps: 1,48,000.
Silver
SELL SILVER BELOW 225500 SL ABOVE 229000 TGT 220000/217000.
* Nearby Support: 2,25,500/ 2,21,000/ 2,17,000
* Nearby Resistance: 2,29,000/ 2,34,000/ 2,38,000
* Nearby Gaps: 2,34,000.
Crude Oil
BUY CRUDEOIL ABOVE 7050 SL BELOW 6950 TGT 7200/7300.
* Nearby Support: 6,900/ 6,750/ 6,650'
* Nearby Resistance: 7,050/ 7,200/ 7,340
* Nearby Gap(s): 7,262.
Copper
SELL COPPER BELOW 1294 SL ABOVE 1302 TGT 1284/1278.
* Nearby Support: 1,294/ 1,282/ 1,274
* Nearby Resistance: 1,310/ 1,327/ 1,338
* Open Gap(s): 1,315.30.
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