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• Gold prices slid over 3% last week, hitting their lowest level in more than a year amid a sharp Wall Street selloff and a flight to traditional safe havens like U.S. Treasuries and the Japanese yen. The precious metal is also on track for a second straight monthly decline, as elevated crude prices and persistent inflation stoke expectations of prolonged high interest rates. Meanwhile, the Federal Open Market Committee kept policy rates unchanged this week, with Chair Kevin Warsh noting that key data prints ahead of the December meeting will guide the policy path.

• Silver extended its weekly decline, tumbling below $50 an ounce for the first time since Nov’25 as climbing energy costs and sticky inflation reinforced the "higher-for-longer" interest rate narrative. While major central banks—including the Federal Reserve and the European Central Bank—held rates steady this week, policymakers stressed that the battle against inflation is far from over, citing fresh price pressures from surging energy markets. Compounding the pressure, Thursday's U.S. data revealed headline and core inflation accelerated in September, bolstering bets on a potential Fed rate hike in December.

• WTI crude oil ended the week virtually flat but posted a sharp monthly advance of nearly 12% in October. The monthly rally gained traction after reports emerged that a senior U.S. military commander briefed President Donald Trump on strike options against Iran, amid repeated warnings of military action from the White House. Tehran reiterated that it would not back down from its stance on the conflict, even while acknowledging a letter from U.S. Vice President JD Vance aimed at reopening diplomatic channels.

• Copper futures declined over 2% in October, marking a second consecutive monthly loss as downbeat corporate earnings sparked a fresh selloff across tech and artificial intelligence equities. Because copper is essential to data centres and power infrastructure, the metal remains acutely vulnerable to swings in tech sentiment. Rising PCE inflation figures and stubborn energy prices also fueled concerns over another Fed rate hike before year-end. However, shrinking physical inventories and firming import premiums in China, the world's top consumer, continue to provide a firm floor under prices.

MCX Gold

Technical Outlook:

MCX Gold extended its decline for a third consecutive week, slipping over 2% as selling pressure intensified. The contract breached a crucial support threshold near Rs 1,40,000 and continues to trade below it, confirming a distinct bearish chart structure. The weekly RSI stands at 38, charting a sequence of lower highs and lower lows that underscores deteriorating momentum. Immediate key support is placed at Rs 1,38,000; a decisive breakdown below this mark could trigger an extended slide toward Rs 1,25,000 and Rs 1,20,000 in the coming sessions. On the upside, robust resistance is positioned at Rs 1,45,000.

Recommendation: We recommend selling MCX Gold below Rs 1,36,000 with a stoploss above Rs 1,43,000 and targets of Rs 1,25,000 and Rs 1,20,000.

Current Market Price (CMP): Rs 1,38,420.

MCX Silver

Technical Outlook:

MCX Silver registered its sixth straight weekly decline, reinforcing an entrenched bearish trajectory. The price action reflects a classic "sell-on-rise" formation, where minor pullbacks continue to attract fresh short positioning. Momentum remains deeply negative, with the RSI hovering at 32 and printing fresh lower lows. The broader bias favours further downside; a sustained move below Rs 1,75,000 could accelerate declines toward Rs 1,40,000 and Rs 1,20,000. Conversely, major overhead resistance is capped at Rs 2,00,000.

Recommendation: We recommend selling MCX Silver below Rs 1,75,000, with a stop-loss above Rs 2,00,000 and targets of Rs 1,40,000 and Rs 1,20,000.

Current Market Price (CMP): Rs 1,78,900.

MCX Crude Oil

Technical Outlook:

MCX Crude Oil logged its fourth consecutive weekly advance, carving out a robust bullish technical setup. The broader trend remains firmly constructive, favouring a "buy-on-dips" strategy. Strong horizontal resistance is pegged at Rs 10,000, and a decisive breakout above this hurdle could pave the way for an extended rally toward Rs 11,000 and Rs 11,400. On the downside, critical support lies at Rs 9,400; only a breach below this base would signal a potential trend reversal. Until then, the bullish outlook remains intact.

Recommendation: We recommend buying MCX Crude Oil above Rs 10,000, with a stop-loss below Rs 9,400 and targets of Rs 11,000 and Rs 11,400.

Current Market Price (CMP): Rs 9,917.

MCX Copper

Technical Outlook:

MCX Copper witnessed a third consecutive weekly decline, though prices largely remained confined within a consolidation band of Rs 1,350 to Rs 1,440. Repeated failure to sustain declines below the lower band indicates that near-term price action will likely stay range-bound until a decisive breakout occurs on either side. However, the weekly RSI stands at 56 and is displaying lower lows, signalling underlying negative divergence and downside vulnerability in the sessions ahead.

Recommendation: We recommend selling MCX Copper below Rs 1,350 with a stoploss above Rs 1,380 and targets of Rs 1,310 and Rs 1,280.

Current Market Price (CMP): Rs 1,374

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