Natural Gas
Natural gas came under strong selling pressure during the week, with prices breaking below the key $3.00 level on Friday. While this move points to continued bearish momentum in the near term, the scope for further declines may be relatively limited.
Seasonal patterns typically keep the natural gas market confined within a broad trading range during this period of the year. Although the overall bias tends to remain slightly negative, any upward moves should still be approached cautiously due to soft demand conditions. Unless unusually high temperatures trigger a surge in electricity consumption, demand for natural gas is unlikely to strengthen significantly.
As the primary heating season remains several months away in the United States, the market lacks a major catalyst for sustained gains. Consequently, natural gas prices are likely to remain range-bound for the time being, with traders awaiting stronger seasonal demand later in the year.
WTI Crude Oil
WTI crude oil posted a modest gain over the week, although much of the earlier strength was driven by market reactions to U.S. strikes on Iran. Since then, a large portion of those gains has been erased, indicating that the market remains uncertain about its next directional move.
At present, crude oil appears to be settling into a typical summer trading range as traders assess geopolitical developments alongside broader supply and demand dynamics. The $68 level may emerge as an important support zone, potentially providing a floor for prices if selling pressure persists.
For now, the market seems more likely to consolidate than trend decisively in either direction. A period of sideways trading over the next week or two could help establish a clearer range before the next significant move develops.
Gold
Gold prices spent much of the week under pressure, but the key development was the market’s successful defense of the $4,000 level. The strong rebound from this area reinforces its importance as a major support zone and suggests that buyers remain active on dips.
While the recovery is encouraging for bullish sentiment, it remains uncertain whether the upward momentum can be sustained in the near term. Traders will likely continue to monitor broader macroeconomic factors, particularly movements in the U.S. dollar, for clues about gold’s next direction.
A weaker dollar could provide additional support for the precious metal by improving its appeal to international investors. Conversely, renewed strength in the greenback may limit further gains and keep gold trading within its recent range.
EUR/USD
The euro ended the week lower but managed to hold above the important 1.1400 support area, suggesting that buyers are still defending this level despite recent weakness. While the overall tone remains somewhat bearish, the next few trading sessions should provide greater clarity regarding the pair’s near-term direction.
Market participants will be closely watching price action around current levels to determine whether support can continue to hold. A sustained move below 1.1400 would likely reinforce downside pressure and shift attention toward lower technical targets.
Should the pair break decisively beneath support, the 1.1200 region could become the next key area of interest. This level aligns with the projected target from a bearish flag formation on the daily chart and is further supported by the presence of the 200-week Exponential Moving Average, making it a potentially significant zone for buyers to re-enter the market.
USD/CAD
The U.S. dollar traded in a relatively choppy manner against the Canadian dollar throughout the week, reflecting ongoing uncertainty surrounding Canada’s economic outlook and broader market sentiment. Price action remains confined within a historically significant area that previously served as the starting point of a major breakdown in early 2025, which helps explain the market’s current lack of directional conviction.
Given the technical backdrop, a near-term pullback would not be surprising. Even if prices retreat, demand could emerge on dips, particularly as the pair approaches lower support levels where buyers have previously shown interest.
The 1.4000 region remains a key support zone and may continue to act as a solid floor due to the substantial amount of historical trading activity associated with it. On the upside, a move toward 1.4500 remains possible, although the market will likely require a stronger fundamental or macroeconomic catalyst before such a rally can gain momentum.
USD/MXN
USD/MXN spent much of the week moving sideways, with the pair continuing to hover around the 17.50 level. This area is particularly noteworthy from a technical perspective, as it previously acted as a significant resistance zone and may now play an important role in determining the market’s next directional move.
Traders will be watching closely to see whether the pair can establish momentum above current levels. A breakout beyond this week’s high could open the door for a move toward the 18.00 mark, which represents the next major psychological resistance level.
Despite this potential upside scenario, the broader fundamental backdrop continues to favor the Mexican peso due to the interest rate differential between the two countries. As a result, the longer-term bias may still lean toward USD/MXN weakness. However, clearer bearish price signals would likely be needed before a convincing short-selling opportunity emerges.
Silver
Silver experienced a sharp decline during the week, briefly falling below the critical $60 level before recovering and attracting renewed buying interest. Despite the rebound, the metal remains in a vulnerable position, with the $60 area continuing to serve as a key battleground between buyers and sellers.
While silver has managed to stabilize for the moment, the broader outlook remains cautious. Sustained upside momentum may prove difficult unless supported by a more favorable macroeconomic environment, particularly through lower U.S. interest rates or a weakening U.S. dollar.
From a technical standpoint, the $57 level represents an important support zone. A decisive break below this area could trigger additional selling pressure and pave the way for a deeper decline toward the $50 mark. Until stronger bullish catalysts emerge, traders are likely to remain focused on downside risks and broader market conditions.
GBP/USD
The British pound advanced over the course of the week, although gains remained capped near the 1.3450 region. This area continues to act as a significant resistance zone, with selling pressure likely extending toward the psychologically important 1.3500 level.
While the broader trend has shown signs of resilience, the pair has yet to generate enough momentum to break convincingly above resistance. As a result, traders may remain cautious until a clearer directional signal emerges.
For the time being, GBP/USD appears likely to remain within a broader trading range. In this environment, short-term rallies that begin to lose momentum could present opportunities for sellers, particularly if resistance levels continue to hold and market conditions fail to support a sustained breakout.
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