Gold and silver remain supported by a weakening U.S. Dollar and renewed trade tensions, while crude oil and natural gas face downward pressure amid supply-related concerns. As traders await clarity on Federal Reserve policy and monitor geopolitical risks, market participants are maintaining a cautious stance ahead of key technical and macroeconomic developments.

KEY HIGHLIGHTS 

• Gold Holds Above $3,300 As Dollar Weakens, Trade Uncertainty Grows
• Silver Finds Support Above $33 Despite Minor Profit-Taking Pressure
• Crude Oil Faces Pressure From Potential OPEC+ Output Increase
• Natural Gas Slumps Below $3 As Sellers Maintain Bearish Grip

Daily Commodity Market Report

Overview

Gold and silver remain supported by a weakening U.S. Dollar and renewed trade tensions, while crude oil and natural gas face downward pressure amid supply-related concerns. As traders await clarity on Federal Reserve policy and monitor geopolitical risks, market participants are maintaining a cautious stance ahead of key technical and macroeconomic developments.

Markets in Focus Today

GOLD (XAU/USD) – Bullish Momentum Holds Above $3,300

Fundamental Analysis

Gold continues to trade with a bullish bias, holding firmly above the $3,300 mark in early European trading. The following factors are supporting the upside:

• Weakening U.S. Dollar
• Renewed U.S.-China trade tensions
• Expectations of aggressive Federal Reserve rate cuts
• Safe-haven demand amid global economic uncertainty

However, lingering hopes of a trade resolution and reduced concerns over Federal Reserve independence are keeping risk sentiment positive, which may cap further gains in the near term.

Technical Overview

Moving Averages

Exponential Moving Averages:

• MA 10: 3284.22 – Bullish
• MA 20: 3207.06 – Bullish
• MA 50: 3066.84 – Bullish

Simple Moving Averages:

• MA 10: 3294.72 – Bullish
• MA 20: 3182.92 – Bullish
• MA 50: 3041.69 – Bullish

Oscillators

• RSI: 64.24 – Buy Zone
• Stochastic Oscillator: 69.58 – Neutral

Support and Resistance Levels

• Resistance: R1: 3139.50 | R2: 3203.71
• Support: S1: 2931.64 | S2: 2867.44

Market Sentiment

• Overall Sentiment: Bullish
• Market Direction: Buy

Trade Suggestion

• Entry: Limit Buy at 3307.70
• Take Profit: 3388.50
• Stop Loss: 3269.50

SILVER (XAG/USD) – Holding Above Key $33.00 Support

Fundamental Analysis

Silver is witnessing a mild pullback after testing a nearly three-week high at $33.70. Despite the decline, the technical setup favors a continuation of the bullish trend, as:

• Breakout from consolidation supports upward momentum
• $33.00 now acts as a strong support level
• Daily oscillators remain favorable for buyers

A sustained break above $33.70 could trigger a run toward $34.00 and beyond. On the downside, a fall below $33.00 may invite selling pressure toward $32.10.

Technical Overview

Moving Averages

Exponential Moving Averages:

• MA 10: 32.52 – Bullish
• MA 20: 32.37 – Bullish
• MA 50: 31.50 – Bullish

Simple Moving Averages:

• MA 10: 32.64 – Bullish
• MA 20: 32.51 – Bullish
• MA 50: 31.80 – Bullish

Oscillators

• RSI: 56.78 – Buy Zone
• Stochastic Oscillator: 89.81 – Positive

Support and Resistance Levels

• Resistance: R1: 33.69 | R2: 34.52
• Support: S1: 32.82 | S2: 31.87

Market Sentiment

• Overall Sentiment: Bullish
• Market Direction: Buy

Trade Suggestion

• Entry: Limit Buy at 32.94
• Take Profit: 34.16
• Stop Loss: 32.28

CRUDE OIL (WTI) – Pressured by Supply Concerns

Fundamental Analysis

WTI crude rebounded slightly to $62.20 per barrel during the Asian session but remains under pressure due to:

• Potential increase in OPEC+ supply
• Kazakhstan’s inability to reduce domestic output
• Bearish sentiment following a 2% drop on Wednesday
• Mixed developments regarding U.S.-China trade talks
• Rising geopolitical risks from U.S.-Iran tensions

Technical Overview

Moving Averages

Exponential Moving Averages:

• MA 10: 62.94 – Bearish
• MA 20: 63.96 – Bearish
• MA 50: 66.49 – Bearish

Simple Moving Averages:

• MA 10: 62.34 – Bullish
• MA 20: 64.33 – Bearish
• MA 50: 67.04 – Bearish

Oscillators

• RSI: 43.33 – Neutral Zone
• Stochastic Oscillator: 52.78 – Neutral

Support and Resistance Levels

• Resistance: R1: 71.99 | R2: 73.55
• Support: S1: 66.94 | S2: 65.38

Market Sentiment

• Overall Sentiment: Bearish
• Market Direction: Sell

Trade Suggestion

• Entry: Limit Sell at 63.61
• Take Profit: 61.41
• Stop Loss: 65.27

NATURAL GAS – Under Pressure Below Key Levels

Fundamental Analysis

Natural gas remains weak, trading below the $3.00 level as it nears critical support. Key bearish signals include:

• Price capped by $3.053 resistance and 50-day EMA
• Sellers dominant below descending trendline
• Break below $2.957 may extend the decline to $2.887

A decisive move above $3.053 would be needed to shift the trend bullish and target $3.137. Until then, downside bias remains intact.

Technical Overview

Moving Averages

Exponential Moving Averages:

• MA 10: 3.2307 – Bearish
• MA 20: 3.4542 – Bearish
• MA 50: 3.6825 – Bearish

Simple Moving Averages:

• MA 10: 3.2348 – Bearish
• MA 20: 3.5547 – Bearish
• MA 50: 3.9090 – Bearish

Oscillators

• RSI: 29.22 – Sell Zone
• Stochastic Oscillator: 4.18 – Neutral

Support and Resistance Levels

• Resistance: R1: 4.77 | R2: 5.07
• Support: S1: 3.78 | S2: 3.48

Market Sentiment

• Overall Sentiment: Bearish
• Market Direction: Sell

Trade Suggestion

• Entry: Limit Sell at 3.13
• Take Profit: 2.82
• Stop Loss: 3.33

Other Commodity Moves

• Gold: Up 1.51% at $3,337.59
• Silver: Down 0.70% at $33.34
• Palladium: Up 0.13% at $938.79
• Platinum: Up 0.29% at $976.99
• Brent Crude Oil: Down 0.91% at $65.54
• WTI Crude Oil: Up 0.58% at $62.62

Key Economic Events Today

• (USD) Initial Jobless Claims
• Forecast: 222K
• Previous: 215K
• Time: 18:00
• (EUR) ECB’s Lane Speech
• Time: 18:30
• (EUR) Existing Home Sales (Mar)
• Forecast: 4.14M
• Previous: 4.26M
• Time: 19:30