Commodity markets may begin the week on a cautious note, with multiple global holidays early in the week likely to reduce liquidity and keep price action uneven.
Key attention will be on global PMI data from the US, Europe and Asia
Strong readings, especially from the US and India, could support industrial commodities
Weak data from Europe or China may cap gains
Central bank signals will also be tracked closely. The Reserve Bank of Australia’s rate decision and comments from US Federal Reserve officials will shape currency trends. A steady policy stance without hawkish surprises may keep the US dollar stable to slightly weaker, supporting precious metals.
US economic indicators — including trade balance, factory orders and ISM non-manufacturing PMI — will influence short-term sentiment. Strong data could weigh on gold and silver, while weaker readings may support them.
API and EIA inventory data remain key for crude oil direction
Inventory drawdowns may support prices
Build-up in stocks could trigger short-term weakness
Natural gas storage data will also be critical, with higher injections likely to cap gains
Precious metals may trade with a mild positive bias amid macro uncertainty
Crude oil is likely to remain volatile, tracking inventory and demand signals
Natural gas may stay range-bound, driven largely by supply dynamics
Gold opened the week at $4,708.61 and closed at $4,614.22, marking a decline of around 2 percent.
Key levels
Support: $4,405; stronger support at $4,099
Resistance: $4,891; next hurdle at $5,419
Gold outlook
Gold remains in a consolidation phase with a negative bias. As long as prices stay below $4,891, downside pressure could persist towards $4,405. A breakout above resistance may improve sentiment.
Silver opened at $75.63 and closed at $75.31, down about 0.46 percent for the week.
Key levels
Support: $70.85; stronger base at $65.50
Resistance: $80.80; next level at $90
Silver outlook
Price action suggests indecision after recent volatility. Holding above $70.85 may keep consolidation intact, while a break below could extend losses. A move above $80.80 may revive buying interest.
Brent crude opened at $100.95 and closed near $109.21, gaining about 9.3 percent during the week.
Key levels
Support: $100.95; next support at $92.30
Resistance: $114.70; higher zone at $125
Crude oil outlook
The strong rally signals renewed bullish momentum. Sustaining above $100.95 may keep the uptrend intact, with potential upside towards $114.70. A break below support could trigger profit booking.
Natural gas opened at $2.73 and closed near $2.91, rising about 6.18 percent.
Key levels
Support: $2.67; stronger support at $2.46
Resistance: $2.96; next level at $3.14
Natural gas outlook
The recovery points to improving momentum after recent declines. Sustaining above $2.67 may push prices towards $2.96. Failure near resistance could lead to range-bound movement.
Note: Research support for this article was provided by Research Desk, MyEquityLab.com (SEBI Registration No. INH000023843)
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Investors should consult a qualified financial adviser before making investment decisions.
