After a week marked by steady gains in gold and choppy moves in energy, global commodity markets head into the new trading week, starting from February 16, bracing for fresh turbulence. A dense line-up of economic data and central bank signals is likely to keep traders on edge. Thin liquidity at the start of the week, owing to public holidays in several major economies, could further amplify price swings and exaggerate reactions to incoming data.
Investors will closely track a series of key economic indicators and policy signals in the United States:
Gross Domestic Product data
Core Personal Consumption Expenditures inflation
Personal spending figures
Weekly jobless claims
Purchasing Managers’ Index readings
Minutes of the Federal Open Market Committee meeting
Speeches by Federal Reserve officials
Stronger-than-expected economic data could strengthen the dollar and exert pressure on precious metals. Conversely, softer readings may revive expectations of interest rate cuts and lend support to gold and silver.
Crude oil prices will react to supply and demand indicators, including:
Inventory data from the American Petroleum Institute
Stockpile data from the Energy Information Administration
Refinery utilisation rates
Fuel inventory levels
The Baker Hughes rig count
Global Purchasing Managers’ Index data from the United States, Eurozone, United Kingdom, India, Japan and Australia will influence demand expectations.
Natural gas will remain sensitive to:
Weekly storage reports
Weather-related demand forecasts
Trends in industrial activity
Currency movements and broader risk sentiment may be shaped by:
Inflation and labour market data from the United Kingdom
Consumer Price Index, Producer Price Index and Purchasing Managers’ Index data from the Eurozone and Germany
Consumer Price Index and Gross Domestic Product data from Japan
Wholesale Price Index data from India
Policy signals from the European Central Bank and the Reserve Bank of New Zealand
Gold began the past week at $4,983.54 and climbed to a high of $5,119.16 before closing at $5,042.20, posting a weekly gain of 1.51 percent. The metal held firmly above the psychological $5,000 mark, signalling sustained buying interest.
Technical view
Immediate support: $4,560–$4,520
Stronger support: near $4,385
First resistance: $5,120
Broader resistance: near $5,600
The broader trend remains positive, with prices trading above rising weekly moving averages.
Silver traded between $86.30 and $74.01 before settling at $77.34, down 0.77 percent in the past week. Price action indicates consolidation following recent volatility.
Technical view
Immediate support: $74.00–$73.50
Major support base: near $64.00
Immediate resistance: $86.00–$87.00
Stronger supply zone: near $104.50
Brent opened at $67.25 and moved within a $70.72–$66.89 range, ending at $67.72 at the weekend. The recovery from weekly lows suggests tentative stabilisation.
Technical view
Key support: $65.20–$63.30
Immediate resistance: $71.50–$72.90
Natural gas slipped 6.40 percent for the week, closing at $3.08 after trading between $3.25 and $2.98.
Technical view
Immediate support: $2.71–$2.62
Immediate resistance: $3.45–$3.65
Momentum remains fragile, and volatility may persist in the near term.