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Gold

Gold continued its strong run, up 38% in early September after a 34% gain in August, amid weak US, labor data, persistent political pressure the Fed, and ongoing geopolitical tensions. Friday's rally followed disappointing Non-Farm Payrolls, reinforcing rate cut expectations and keeping the dollar subdued Next week's CPI and PPI prints will be the final data to potentially impact the Fed's September 17 decision, but officials have signaled inflation may be overlooked given wider economic risks, suggesting limited influence from these releases. The outlook remains constructive for gold with volatility likely as Fed expectations. evolve. However, after the FOMC meet we might see some consolidation or a pullbock in Gold prices.
Comex Gold has continued its upside momentum for 3d consecutive week breached its previous hurdle and postedincline of +4% in past week, closed at $3586/ounces
Gold price has made its another all-time high level at 107,807 in past week closed on a bullish note at 107.740. On Weekly chart, price has moved upward with Bullish Morubazu candle formation for past two consecutive weeks. Price has remained with in Rising channel, continued to trailover 20-DEMA level placed at 102,892 which will be crucial support to look for. Dally SAR is placed at 101,455. Here, price has been moved towards the resistance-line of the channel and next crucial resistance would be at 50% Filb Extension level placed at 112,105
The overall trend in Gold price is expected to be Sideways-to-bullish in the coming week, and traders should keep an eye on key US economic data such as Inflation, PPI, Consumer sentiment and Unemployment claims which are scheduled to be in next week

Silver

Silver typically mirrors gold's moves and often surpasses gold's gains during rallies. Last week, however, silver closed up 2.5%, underperforming gold as it gave back some gains as the week ended, a sign of caution for momentum traders. Given silver's higher beta, an early pullback is likely, volatility may remain elevated compared to gold as the market digests the latest economic signals and awaits key data releases.
Silver has had an eventful week, starting with a gapped-up opening at 122,493 Despite trading back and forth, the price surged for the week, closing up 3.71% to settle at 124,716. The price action is looking bullish from a technical standpoint. Silver has broken through the resistance of a rising channel and continued to trade over all key moving averages ie. 20, 50 and 100-DEMA levels placed at 118718, 114026 and 108891 respectively. In previous week's momentum, price has found resistance over 126,300 level If price will managed to breakout this level, we may expect further upward momentum in Silver price and next resistance would be at 130,000 in upcoming week.
However, a closer look at the Ol levels suggests a potential shift. Ol has seen a significant drop of -13% to 17,960 lots. This decline, combined with the price consolidating at peak levels, indicates long unwinding, which could be an early warming sign of a price reversal
Gold/Silver ratio which is also known as mint ratio, has found support over 85.28 in past week and rebounded marginally, settled at 87.44. This will be a cautions signs for Silver's further upward momentum.
Overall, Silver price will have a Moderately Bullish trend in upcoming sessions. Any significant drop in price towards support levels along side Ol decline will give traders a Short opportunity. Upside gains may remains

Copper

Copper has been trading more on shocks than fundamentals, with tariffs, Fed bets, and shifting inventories driving volatility. U.S. tariff moves briefly swelled COMEX stocks and widened spreads, while China's smelting boom is keeping the market in short-term surplus. Still, mine outages highlight lingering supply risks. On the demand side, China's renewables and EV push offer structural support even as weak PMIs cap momentum. LME inventories have surged, SHFE stocks remain tight, leaving a mixed picture. Longer term, declining ore grades and project delays keep the supply gap unresolved
MCX Copper September contract has consolidated in past week, made a high at 909.55 and closed on a negative note at 897.65. On Weekly chart, price has formed a Bearish hammer formation at the peak of its bullish trend. Here, price has still remains over its key moving averages ie. 50, 100 and 200-DEMA levels placed at 8887.55, 879.45 and 864.15 respectively. Daily SAR is placed at 882.65. Breakout over prev. high will accelerate upside momentum in Copper price towards its next resistance placed at 922.20.
Open Interest (OI) has declined marginally to 6090 lots in recent price-consolidation at peak. Both the daily and weekly Relative Strength Index (RSI) are around 55 levels. Additionally, we can observe a convergence on MACD above zero-line alongside declining positive histograms.
We are expecting Moderately Bullish trend in Copper price in upcoming sessions and expecting correction towards support levels in next week. If price holds over these levels, it may provide a Buy-on-dips opportunity for Copper price.

Zinc

While the zinc market faces a supply overhang, the backdrop for H2 2025 is not without its positives. A softer U.S. dollar, prospects of Fed easing, and potential policy support from Beijing could provide a lift to prices. Even modest improvements in construction activity or targeted stimulus could spark a meaningful recovery. In this environment, zinc retains the potential for upside swings, with volatility creating opportunities for well-timed positioning.
Zinc price has breakout the hurdle of Symmetric triangle formation and continued to move over Bullish trend line, Price has remained over its key moving averages ie. 50 and 200-DEMA levels placed at 266 and 263.55 respectively. In previous week's momentum. Zinc price has found hurdle at 277.55 in the middle of the week and had a pullback and closed at 274.85. Breakout over previous week's hurdle will accelerate upside momentum in Zinc price towards its next hurdle placed at 282.
Like other industrial metals, we can observe a marginal drop in Ol levels to 3620 lots in Zinc in recent price consolidation at peak which signifies Long unwinding in Zinc future and price may take correction in upcoming sessions towards support levels The momentum indicator, RSI has remained around 60 level on Daily and Weekly chart. Also, we can observe a Bullish crossover on Weekly MACD alongside positive histograms.
We are expecting Sideways-to-Bullish trend in Zinc price in upcoming sessions and traders may go for buy-on-dips opportunity in any pullbacks towards support levels.

Crude Oil

Towards the end of August, US. crude inventories drew down, supported by seasonal refinery maintenance, a geopolitical premium, shadow flows, firm aviation demand, and a weaker dollar. However, since September, prices have reversed as worries mount over potential OPEC production hikes that clash with weak demand. Further hikes risk lower revenues for exporters, yet keeping taps open after unwinding voluntary cuts may be necessary to defend market share. Meanwhile, tariff risks, US. recessionary signals, and weak global trade cloud the outlook, even as US. policy may cushion any slowdown. For now, near-term fundamentals will guide direction, with even modest demand strength able to lift prices, especially as much of the supply shock is already priced in
WTI Crude Oil found resistance at $66.03, which coincides with the 50% Fibonacci retracement level of the longer-term bearish move. After failing to sustain above this resistance, prices continued their bearish move toward the crucial support at $6145, eventually closing the week at $6196. This support will be key in determining whether the downtrend persists or finds temporary relief.
The MCX Crude Oil September contract witnessed a sharp mid-week decline of 7.4% after testing a high of 5825, eventually closing the week at 5447. This drop pushed prices below the cluster of key moving averages (20-DEMA, 50-DEMA, 100-DEMA, and 200-DEMA), which are all placed in the 5560-5620 range. The breach of these averages and a close below 5500 reflect bearish pressure. The Open Interest (Ol) data supports a bearish view, as 640 lots were added alongside a short build-up. and the session saw a rise in selling volume, signaling distribution RSI is currently at 4167, below the neutral 50 mark, showing bearish momentum, with a downward crossover against its moving average (48.92), suggesting increasing weakness
From a technical perspective, any pullback toward 5560-5620 is likely to face selling pressure unless accompanied by strong volume and breakout momentum. Sideways-to-Bearish sentiment dominates the short term, and traders may watch for a potential breakdown below 5340 for further downside targets. Conversely, a move back above 5620 would be needed to negate immediate bearish bias and test higher resistance at 5800
 

Support 2 5190 Support 1 5340 CMP 5454 Resistance 1 5620 Resistance 2 5800

Natural gas

Natural gas prices have begun to find near-term support as hot U.S. weather forecasts elevate cooling demand. However, record production and above-average storage levels cap the upside If severe heat persists and we see steady inventory withdrawals, we could see continued gains, while mixed LNG demand and persistent geopolitical uncertainties add to the complex outlook.
MCX Natural Gas prices saw sluggish movement this week after a short-term upmove post the breakout from the falling wedge channel. While the breakout initially signaled a bullish shift, the momentum failed to carry forward, and the trend has now turned sideways, with prices consolidating below key resistance levels.
NYMEX Natural Gas closed at $31350. Prices are currently testing resistance near $3.32, a zone marked by the 100 and 200-DEMA. Sustaining above this level will be crucial for bulls to regain control until then, the price action is expected to remain indecisive
The September contract closed at 268.9, just above the 20-DEMA (264.1), but continues to face overhead resistance near 284 and 305, which correspond to the 50 and 100-DEMA respectively. On the downside, immediate support levels are seen at 253 and 238, with the lower end acting as a strong base for the near term Open Interest (Ol) reinforcing the neutral-to-sideways tone RSI stands at 51.02, hovering just above the neutral zone, with its average at 42.15. This indicates a mildly bullish undertone, although momentum is currently lacking for a decisive move. The volume profile shows healthy but not accelerating participation, further supporting the consolidation phase
Prices are still trading below key moving averages (50, 100, 200-DEMA), which act as significant resistance hurdles and need to be crossed for a sustained uptrend. Traders are advised to wait for a decisive move and adopt wait and watch till the clear movement
 

Support 2 238 Support 1 253 CMP 268.20 Resistance 1 284 Resistance 2 305

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