In the coming days, investor attention will pivot toward catalysts directly impacting the US dollar, precious metals, and broader risk sentiment. Global markets are closely monitoring crude prices as they climb amid a concentration of US naval forces near Iran. Silver remains sensitive to upcoming US economic data, while the equity complex faces a critical test as Big Tech heavyweights—including Alphabet, Amazon, and AMD—prepare to report earnings. Market participants will scrutinize macroeconomic data for cues on the future trajectory of interest rates and Federal Reserve policy. This week, particular focus should remain on SILVER, US100, and OIL.
SILVER
Silver has come under intense selling pressure following a period of euphoric gains mirrored by the gold market. Despite a persistent premium in Shanghai spot prices, the current corrective wave has been exceptionally violent, with silver valuations plunging more than 10% on Friday. The primary driver behind this retreat is a resurgent US dollar, catalyzed by the nomination of Kevin Warsh as the next Fed Chair.
In practical terms, the market is beginning to discount a less accommodative monetary policy scenario, which has automatically bolstered the USD and Treasury yields—a traditional headwind for non-yielding bullion. Consequently, silver and other precious metals are likely to remain highly volatile in the short term, even as long-term structural forecasts maintain an upward bias.
Monday brings Manufacturing PMI data from the world’s leading economies. The week is also laden with central bank activity: the Reserve Bank of Australia (RBA) meets on Tuesday, followed by Poland’s MPC (RPP) on Wednesday, with the Bank of England (BoE) and the European Central Bank (ECB) concluding the cycle on Thursday.
US100
Nasdaq 100 futures lost momentum last week following a 12% rout in Microsoft shares and a broader sell-off across the software and data sectors. The performance of firms such as ServiceNow, Salesforce, FactSet, and Gartner suggests that investors are re-evaluating the risks AI poses—not merely to the capital expenditure (CAPEX) of the hyperscalers, but to the underlying business models and growth prospects of the SaaS (Software as a Service) industry.
The market has shifted into a temporary “risk-off” posture, with technology stocks once again at the epicenter of the liquidation. Looking ahead, the focus will remain squarely on US corporate earnings. While Apple’s report provided some insulation, and Meta Platforms delivered robust results, the general sentiment surrounding Big Tech remains fragile. Furthermore, Wednesday’s US ISM Manufacturing data and Friday’s Non-Farm Payrolls (NFP) report are expected to act as significant volatility triggers.
OIL
US President Donald Trump appears resolute in his ambition to decisively terminate the Iranian nuclear programme. The United States has concentrated significant military assets around Iran, supported by Israel and European NATO allies. The base-case scenario involves a surgical strike against the Iranian regime’s military infrastructure to compel Tehran into signing a new “Nuclear Deal.”
However, there is a tail risk that a major escalation could spiral out of control, destabilizing the wider region. Such a scenario would likely trigger a vertical spike in oil prices and disrupt transit through the Suez Canal and the Strait of Hormuz—the world’s most critical chokepoint for the transport of “black gold.” Markets are monitoring Brent crude prices with heightened vigilance, as they currently serve as a primary gauge for global inflationary risk.
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