Crude oil futures - Weekly outlook: July 29 - August 2

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                             New York-traded crude oil futures ended Friday’s session at a two-and-a-half week low, as markets were jittery ahead of the Federal Reserve's upcoming policy meeting amid ongoing uncertainty over the future of the Federal Reserve's stimulus program.

On the New York Mercantile Exchange, light sweet crude futures for delivery in September dropped 0.82% Friday to settle the week at USD104.63 a barrel by close of trade.

On the week, Nymex oil futures fell 3.24%. 

The release of mixed U.S. data on initial jobless claims and durable goods orders on Thursday fuelled fresh uncertainty over whether the Fed will start to scale back its bond buying program later this year. 

The Labor Department said the number of individuals filing for initial jobless benefits last week increased by 7,000 to a seasonally adjusted 343,000, compared to expectations for an increase of 6,000 to 340,000.

Separately, the Commerce Department said orders for long lasting manufactured goods rose by a seasonally adjusted 4.2% in June, compared to expectations for an increase of 1.3%. 

Durable goods for May were revised to a 5.2% gain from a previously reported 3.7% increase.

Core durable goods orders, which exclude volatile transportation items, were flat in June, compared to expectations for a 0.5% increase. 

The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar. 

Markets were also jittery after data earlier in the week showed that the preliminary reading of China’s HSBC manufacturing purchasing managers' index fell to an 11-month low of 47.7 in July, from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6. 

China is the world’s second-largest oil consumer behind the U.S. 

Crude Oil prices found some support however, after the American Petroleum Institute on Tuesday said U.S. oil inventories fell by 1.4 million barrels, well below the 2.6 million barrel decline forecast by analysts. 

Recent oil inventory reports have shown that demand has been on the rise in the U.S. in the past few months. 

In the week ahead, the U.S. is to publish data on gross domestic product and manufacturing activity to further gauge the strength of the U.S. economy. In addition, traders will be eyeing the Fed's monthly policy statement for indications on the future of the central bank's bond-buying program.

The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand. 

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for September delivery slipped 0.01% on Friday to settle the week at USD107.11 a barrel.

The London-traded Brent contract lost 1.22% over the week, while the spread between the Brent and the crude contracts stood at USD2.48 a barrel by close of trade on Friday. - investing.com

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Gold / Silver / Copper futures - Weekly Outlook: July 29 - August 2

                 

                   
                          Gold futures ended Friday’s session lower, as investors locked in gains following a recent rally as mixed U.S. economic reports eased investors' concerns over a possible near-term end to the Federal Reserve's stimulus program.

Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its quantitative easing program sooner-than-expected.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery dropped 0.55% on Friday to settle the week at USD1,321.50 a troy ounce. 

Gold futures were likely to find support at USD1,295.45 a troy ounce, the low from July 21 and resistance at USD1,375.85, the high from June 19.

On the week, gold prices added 0.69%. 

Comex gold prices rose to an almost five-week high of USD1,347.85 a troy ounce on Tuesday, a day after a weaker-than-expected report on U.S. home sales fueled market talk that the Federal Reserve will keep stimulus measures in place for now. 

The National Association of Realtors reported earlier that existing home sales fell 1.2% to 5.08 million units in June, missing market calls for sales to rise 0.6% to 5.25 million units in June.

Sales for May were revised down to 5.14 million from a previously reported 5.18 million. 

The report added sales were up 15.2% from June of last year, while average house prices jumped 13.5% on a year-over-year basis.

While the numbers indicated that recovery continues in the housing sector, markets concluded the figures were soft enough to sway monetary authorities to keep stimulus programs in place for now.

Fed officials have said they will pay close attention to economic data when deciding when to taper and eventually close stimulus programs.

An exit from the stimulus would deal a heavy blow to gold, which has thrived on demand from investors who buy gold to hedge against the inflationary risks of loose monetary policies. 

In the week ahead, the Fed is to release its monthly monetary policy statement, which will be closely watched for indications on the future of the central bank's stimulus program.

Elsewhere on the Comex, silver for September delivery dropped 0.91% on Friday to settle the week at USD19.97 a troy ounce. Despite Friday's losses, silver future prices gained 0.78% on the week.

Meanwhile, copper for September delivery tumbled 2.54% on Friday to close the week at USD3.105 a pound. 

The red metal lost ground as traders cashed out of the market to lock in gains following Monday’s strong rally that took prices to a five-week high .

Losses were limited however, amid hopes policy makers in China will introduce fresh easing measures to boost growth in the world’s second largest economy and largest consumer of the industrial metal.

China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

Comex copper prices declined 1.86% on the week.  - investing.com

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