Skip to content

CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Gold, silver, and oil all finish higher for the session

But technical overview for precious metals still shows negative bias while oil’s improves.

OIL Source: Bloomberg

Gold Technical analysis, overview, strategies, and levels

There were two items on the economic calendar affecting both aspects of this pair's price, with US Federal Reserve Chairman Powell's testimony regarding any hints in terms of future monetary policy, as well as CPI (Consumer Price Index) figures that came in at a higher than expected 0.4%. However, while some US indices were making record highs, there has been worsening fundamental data elsewhere this morning, which may aid the precious metal should that trend continue with more data out of the Eurozone later today. The technical overview remains consolidatory whereby most of its indicators are neutral but showing negative technical bias even if its price has recovered for two consecutive sessions.

Gold Technical Indicators Source: IG charts
Gold Technical Indicators Source: IG charts

IG client and CoT sentiment for Gold

Retail long bias isn’t dropping, rising a notch instead to an extreme long 79% anticipating a stronger recovery in price.

Gold sentiment Source: IG charts
Gold sentiment Source: IG charts

Gold chart with retail and institutional sentiment

Gold Source: IG charts
Gold Source: IG charts

Silver Technical analysis, overview, strategies, and levels

With both gold and silver recovering off the lows for a second straight session, more will be needed to shake off its current negative technical bias, and where the closely watched gold-silver spread has recovered albeit slightly. As with gold, most of its main indicators are neutral, and where last week’s plummet certainly tested extreme long traders.

Silver Technical Indicators Source: IG charts
Silver Technical Indicators Source: IG charts

IG client and CoT sentiment for Silver

Retail bias here has also risen instead, to an extreme long 92% and well above heavy long bias held by larger speculative traders as per last Friday’s CoT (Commitment of Traders) report.

Silver sentiment Source: IG charts
Silver sentiment Source: IG charts

Silver chart with retail and institutional sentiment

Silver Source: IG charts
Silver Source: IG charts

Oil WTI Technical analysis, overview, strategies, and levels

EIA's (Energy Information Agency) estimate will be released today, expected to show a modest 1.5M surplus following last week's significant 7.9M surplus. As for yesterday's API (American Petroleum Institute) reading, it showed a -0.5M deficit that did little to shift oil prices that had already risen prior to cross and finish above its infamous 200-day moving average level – the last of its main moving averages it needed to cross. A technical overview shift to an initializing bull trend at this stage can’t be ruled out which may entice buy breakout strategies over contrarian reversals.

Oil Technical Indicators Source: IG charts
Oil Technical Indicators Source: IG charts

IG client and CoT sentiment for Oil WTI

And in sentiment, retail bias has shifted (again) to a majority short 55% from yesterday morning’s 55% long bias, as the oscillatory movement entices traders into range-trading the energy commodity and hence limiting profit-taking.

Oil sentiment Source: IG charts
Oil sentiment Source: IG charts

Oil WTI chart with retail and institutional sentiment

Oil Source: IG charts
Oil Source: IG charts
Be sure to request IG’s Weekly & Daily Market Report when you open an account with IG Dubai and get access to the full information on the FX majors, commodities, indices, and Bitcoin.

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

React to volatility on commodity markets

Trade commodity futures, as well as 27 commodity markets with no fixed expiries.

  • Wide range of popular and niche metals, energies and softs
  • Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
  • View continuous charting, backdated for up to five years

See opportunity on a commodity?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See opportunity on a commodity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Analyse and deal seamlessly on fast, intuitive charts
  • Get spreads from just 0.3 points on Spot Gold
  • See and react to breaking news in-platform

See opportunity on a commodity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.