Gold and silver recover off the lows while oil dips
Long positions in precious metals continue to get tested while retail traders range-trading the energy commodity.

Gold Technical analysis, overview, strategies, and levels
Despite retracing off the lows, the mood has certainly turned sour for the precious metal, as fresh highs in equities – even if intraday – has meant that the precious metal's price was in for an early move lower and keeping the pair’s technicals showing negative bias. That has come at the expense of extreme long retail and institutional traders, with the former unable to make much of yesterday’s gains given nearly all of those longs were initiated at higher price levels, and as a result keeping majority long bias at an extreme 78%.

IG client and CoT sentiment for Gold

Gold chart with retail and institutional sentiment

Silver Technical analysis, overview, strategies, and levels
While gold and silver tend to move in relatively similar fashion, the early plummet that has been occurring in gold's price has meant that the gold-silver spread has been declining to lows unseen since August before retracing back up later in the session. The moves here have also been in line with its current consolidatory technical overview that’s showing negative bias following last week’s plummet.

IG client and CoT sentiment for Silver
In terms of sentiment, there’s been little change with retail traders still holding an extreme long bias albeit a notch higher at 91%.

Silver chart with retail and institutional sentiment

Oil WTI Technical analysis, overview, strategies, and levels
When equities made fresh highs, the mood turned more positive for commodities, but where once again oil has failed to outperform, and once again failing to close above its 200-day moving average even though it crossed above it again. We’ll finally get some oil data this evening with American Petrol Institute (API) releasing its estimate tonight before EIA’s (Energy Information Administration) more encompassing estimate tomorrow.

IG client and CoT sentiment for Oil WTI
Retail traders have been range-trading the energy commodity, and as a result, the price drop has pushed majority long bias 3% higher to 55%.

Oil WTI chart with retail and institutional sentiment

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