Commodity outlook: Short term outlook for gold dented; Crude oil to be supported at lower levels

Highlights of the week :
- Will the NFP optimism continue to support the US Dollar or the euphoria will fizzle out will be the key thing to watch.
- The trend in the US Dollar and bond yields may continue to impact commodities.
- The recent fall in precious metals have dented their short term outlook.
- For crude oil, market participants are now assessing OPEC's plan to raise output gradually against weakened demand. A floor to falling crude oil prices may be seen soon.
- For natural gas, we expect a sideways to range movement.
- The focus for the week will be on US inflation data which will help form expectations for Fed's monetary policy.

The focus would be on US inflation data which will help form expectations for Fed's monetary policy, says Ravindra Rao, our head of Commodity Research in our weekly outlook.

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