Commodity markets this week (April 20-24) are expected to be driven by a few key global triggers rather than broad data flow. The primary focus will be on US economic indicators such as retail sales, PMI data, and Federal Reserve commentary, as these will shape expectations around economic growth and interest rates.
Strong US data could support the dollar and pressure precious metals
Weaker data may support gold and silver prices
Crude oil inventories (API, EIA) and natural gas storage data to guide energy trends
China’s Loan Prime Rate and FDI data to signal demand outlook
UK CPI and other global inflation data to influence sentiment
Overall, commodities are likely to trade with a cautious and slightly volatile bias, with precious metals reacting to US data and Fed signals, while crude oil and natural gas remain sensitive to inventory trends and global demand conditions.
Gold opened last week at $4,683.18, slightly below the previous close of $4,746.90, indicating a gap-down opening of around -1.34%. However, the price saw a strong recovery during the week, closing at $4,837.49, marking a gain of approximately +1.91%.
Support: $4,405; $3,890
Resistance: $5,045; $5,600
Outlook for this week:
Sustaining above $4,405 could keep the positive bias intact
Upside potential towards $5,045
Failure to hold support may trigger selling at higher levels
Silver opened last week at $73.97, below the previous close of $75.83, indicating a gap-down opening of around -2.45%. Strong buying pushed prices to close at $80.78, delivering a weekly gain of approximately +6.52%.
Support: $72.60; $61.10
Resistance: $84.50; $93.90
Outlook for this week:
Holding above $72.60 may sustain upward momentum
Potential move towards $84.50
A break below support could lead to short-term consolidation
Brent crude oil opened last week at $100.94, above the previous close of $94.25, indicating a gap-up opening of around +7.10%. Selling pressure later dragged prices down to $92.41, marking a decline of approximately -1.95%.
Support: $86.30; $75.70
Resistance: $92.40; $110
Outlook for this week:
Staying below $92.40 may extend weakness towards $86.30
A sustained move above resistance could revive short-term strength
Natural gas opened last week at $2.80, slightly above the previous close of $2.76, indicating a gap-up opening of around +1.45%. Prices remained range-bound, closing at $2.81 with a marginal gain of about +1.52%.
Support: $2.62; $2.23
Resistance: $3.07; $3.50
Outlook for this week:
Holding above $2.62 may keep the structure stable
A move above $3.07 could trigger fresh upside momentum
A breakdown below support may lead to further weakness
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 adviser and conduct their own due diligence before making any investment decisions.
