Commodity markets are expected to remain volatile and largely event-driven in the week, influenced by key central bank decisions and macroeconomic data releases.
Key triggers to watch
US FOMC interest rate decision and policy statement
US GDP and Core PCE inflation data
US Federal Reserve stance (hawkish vs dovish)
ECB and Bank of England policy decisions
China PMI data
A hawkish Fed stance may pressure precious metals, while softer signals could support gold and silver.
Energy market focus
API and EIA crude oil inventory data
Natural gas storage figures
Global demand indicators
Overall, commodities are likely to trade with a volatile, data-driven bias, with metals reacting to US data and crude oil and gas tracking supply-demand trends.
Gold opened at $4,792.17, below the previous close of $4,837.49, indicating a gap-down of 0.94 percent. Selling pressure persisted, with prices closing at $4,708.62, down 2.66 percent for the week.
Key levels
Support: $4,405; $3,890
Resistance: $5,045; $5,600
Outlook
Weakness persists below $5,045
Downside risk toward $4,405
Recovery above resistance may stabilise trend
Silver opened at $79.55 versus the previous close of $80.78, a gap-down of 1.52 percent. Prices declined sharply to close at $75.66, down 6.34 percent.
Key levels
Support: $72.50; $65.50
Resistance: $84.50; $90.00
Outlook
Continued weakness below $84.50
Downside risk toward $72.50
Recovery above resistance may offer short-term stability
Brent crude opened at $96.12, above the previous close of $92.41, marking a gap-up of 4.01 percent. Strong buying lifted prices to $99.92, up 8.13 percent for the week.
Key levels
Support: $92.30; $86.10
Resistance: $107.40; $114.50
Outlook
Bullish momentum above $92.30
Upside potential toward $107.40
Break below support may trigger profit booking
Natural gas opened at $2.82, slightly above the previous close of $2.81. Prices faced steady selling pressure and closed at $2.74, down 2.38 percent.
Key levels
Support: $2.62; $2.40
Resistance: $2.90; $3.07
Outlook
Weakness below $2.90
Downside risk toward $2.62
Break above resistance may trigger short-term recovery
Note: Research support for this article was provided by Research Desk, MyEquityLab.com, a SEBI-registered Research Analyst (Registration No. INH000023843).
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Readers are advised to consult a qualified financial advisor and conduct their own due diligence before making any investment decisions.