Gold and silver finish higher but oil lags on EIA surplus
US Fed rate cut aids precious metals in finishing higher but larger than expected EIA surplus dents appetite for oil.

Gold Technical analysis, overview, strategies, and levels
Gold has a tendency to be affected by multiple factors including interest rates on fiat currency and overall risk appetite, for should investors seek higher returns on expectations the economy will improve and they'll dump the non-yielding precious metal for other assets. Should interest rates fall and it'll entice more into holding the safe haven metal as opposed to depreciating fiat currency. So when the US Federal Reserve opted to cut rates by 0.25% yesterday, the result for this pair's price was a rise against a weakened US dollar, and where both retail and institutional traders holding heavy to extreme long bias were in favor of the move, the former reducing their heavy long bias by 2% to 71% on slight long profit-taking.
Current Technical Overview | Consolidation |
Technical Overview Conformist Strategies | Sell 1st Resistance At/Before Price, Buy 1st Support After Reversal |
Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
S/L for 2nd Resistance | 1523.7 |
2nd Resistance | 1518.0 |
S/L for 1st Resistance | 1512.3 |
1st Resistance | 1506.7 |
Relative Starting Point | 1495.3 |
1st Support | 1484.0 |
S/L for 1st Support | 1478.3 |
2nd Support | 1472.6 |
S/L for 2nd Support | 1466.9 |
IG client and CoT sentiment for Gold

Gold chart with retail and institutional sentiment

Silver Technical analysis, overview, strategies, and levels
As with gold, the pair's price resulted in a finish higher but in this case only slightly and where the moves have largely been in line with its consolidatory technical overview. And as with gold, given here both retail and institutional traders are holding heavy long bias (and at extreme levels for retail traders), the slight increase in the pair’s price was in the right direction but needing far more given where those longs have been initiated, and hence it’s no surprise retail bias remains unchanged at an extreme long 88% since yesterday morning. As it stands, the technical overview remains consolidatory, but more significant US data awaits today and tomorrow, meaning breakouts can't be ruled out until the dust settles.
Current Technical Overview | Consolidation |
Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support After Reversal |
Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
S/L for 2nd Resistance | 18.50 |
2nd Resistance | 18.37 |
S/L for 1st Resistance | 18.24 |
1st Resistance | 18.11 |
Relative Starting Point | 17.85 |
1st Support | 17.59 |
S/L for 1st Support | 17.46 |
2nd Support | 17.33 |
S/L for 2nd Support | 17.20 |
IG client and CoT sentiment for Silver

Silver chart with retail and institutional sentiment

Oil Technical analysis, overview, strategies, and levels
Although initial focus was on US data including Gross Domestic Product (GDP) figures that were slightly above expectations, it was Energy Information Agency's (EIA) oil inventories estimate that showed a larger 5.7M reading, and as a result oil prices finished in the red for the session. This morning's Chinese manufacturing data showed ongoing contraction, and that's prior to tomorrow's Purchasing Managers Index (PMI) figures from the other manufacturing majors including Institute for Supply Management's reading following surprise contractions over the past two months. The pair’s price is back below its 50-day moving average (and hence below all its main long-term moving averages).
Current Technical Overview | Consolidation |
Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support After Reversal |
Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
S/L for 2nd Resistance | 57.47 |
2nd Resistance | 56.98 |
S/L for 1st Resistance | 56.49 |
1st Resistance | 56.00 |
Relative Starting Point | 55.02 |
1st Support | 54.04 |
S/L for 1st Support | 53.55 |
2nd Support | 53.06 |
S/L for 2nd Support | 52.57 |
IG client and CoT sentiment for Oil WTI
In sentiment, short positions have dwindled and longs have initiated, taking majority long bias 7% higher since yesterday morning and into heavy long territory.

Oil chart with retail and institutional sentiment

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