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Analysts at TD Securities suggest that for the commodities market, while this week’s economic calendar is lighter than usual, market observers will be keeping an eye on a few key data points, with the Q1 advance GDP reading and durable goods reports as the macroeconomic highlights.

Key Quotes

“The German IFO data will likely also be of note.”

“Apart from the muted macroeconomic calendar, this week will likely be monumental for earnings season. As the equities’ melt-up rhetoric continues to grow, undermining allocations to gold, positive earnings will be likely be a key factor watched in the equities space, particularly with the technology giants due to report.”

“In energy markets, apart from the weekly DOE report, participants will be deciphering the implications of the US Administration’s hard-line policy on Iran. As noted above, we suspect that Saudi and other regional allies will ultimately fill the gap, but see risks of a temporal dislocation that could shoot oil prices higher.”