Commodity markets are likely to remain highly sensitive to economic data and geopolitical situation in the coming week. A packed global calendar means volatility could stay elevated across precious metals, crude oil and natural gas.
Manufacturing and services PMIs from the US, Eurozone, China, India and Japan
These readings will offer fresh clues on global growth and industrial demand
Industrial metals and crude oil could react sharply to any surprise
US economic data
ISM data
ADP employment report
Weekly jobless claims
Federal Reserve’s Beige Book
Productivity and trade numbers
Non-farm payrolls, unemployment rate and wage growth
These releases will influence expectations for the dollar, US bond yields and the interest rate outlook — key drivers for gold and silver.
Energy market triggers
API and EIA crude inventory data
Refinery utilisation rates
Gasoline and distillate stock levels
Baker Hughes rig count
Natural gas storage data and production trends
Currency and risk sentiment drivers
Eurozone inflation data
German factory orders
European Central Bank commentary
UK housing and credit indicators
China PMIs
Australia GDP data
Overall, global growth trends, US labour market strength, inflation signals and energy inventory data are likely to dictate direction. Markets may remain volatile and headline-driven.
Gold opened at $5,108.14 and steadily gained ground through the week. It touched a high of $5,279.10 and closed at $5,278.61, delivering a weekly gain of about 3.33 percent. The strong close near the weekly high reflects sustained buying interest.
Technical picture
Immediate support: $4,840–$4,800
Stronger support: $4,560–$4,520
Key resistance: Around $5,600
The broader trend remains firmly bullish. While some short-term consolidation is possible after the sharp rise, the uptrend remains intact as long as prices hold above $4,840.
Silver opened at $84.57 and witnessed strong buying momentum. It climbed to a weekly high of $94.15 before closing at $93.76. The metal surged about 10.79 percent for the week, significantly outperforming gold.
Technical picture
Immediate support: $77.60–$76.30
Stronger support: $72.20–$71.50
Major resistance: Around $104.50
Silver has broken out of its earlier consolidation range and is trading well above key moving averages. Minor pullbacks are possible, but the broader structure remains positive above $76.
Brent began the week at $70.80 after a gap-down opening. Prices gradually recovered, hitting a high of $73.54 and closing at $73.20. The contract gained around 2.11 percent for the week.
Technical picture
Immediate support: $69.90–$69.00
Stronger support: $67.00–$66.40
Near-term resistance: $75.40
Broader resistance: Around $80.30
The formation of higher lows suggests a gradual recovery. Sustained trading above $73 could strengthen the positive bias. A breakout above $75.40 may open room for further upside.
Natural gas opened sharply higher at $3.139 but failed to sustain gains. After touching a high of $3.142 and a low of $2.779, it closed at $2.8617. The contract declined about 4.37 percent for the week.
Technical picture
Immediate support: Around $2.71
Stronger long-term support: $2.23
Resistance: $3.28–$3.30
Stronger resistance: $3.53–$3.60
The rejection near higher levels signals supply pressure. Unless prices reclaim $3.30, the near-term outlook may remain cautious with scope for further consolidation.
Precious metals remain in strong uptrends, crude oil is attempting a recovery, and natural gas faces near-term pressure. With heavy economic data lined up, expect sharp swings and data-driven moves across commodity markets this week.
Weekly commodity market analysis prepared by: Research Desk, MyEquityLab.com. (SEBI Registered Research Analyst No: INH000023843)