Gold, silver, and oil relatively range-bound last week
CoT bias for all three remains heavy to the long side, retail bias in oil shifts back to end the week majority short.
Gold Technical analysis, overview, strategies, and levels
Gold's price remained relatively range-bound for the week, as the outlook on both daily and weekly remains consolidatory and lacking momentum, and with its price near its previously broken short-term support level. Its price is above all its main long-term moving averages but below its short-term ones, and with its ADX (Average Directional Index) showing an ongoing propensity to trend when viewed on the weekly (but not the daily which has stalled for far too long).
IG client and CoT sentiment for Gold
In sentiment, retail and CoT (Commitment of Traders) bias is at extreme long territory, the former rising for the week by 1% and the latter up 2% on an increase in gold long positions by 14,107 lots and a simultaneous reduction in gold short positions by 4,686 lots.
Gold chart with retail and institutional sentiment
Silver Technical analysis, overview, strategies, and levels
As with gold, silver's price has also been rangebound for the week, and with its technical indicators in similar territory, and near its (briefly) broken short-term support level.
IG client and CoT sentiment for Silver
Retail bias here hasn’t changed at all, standing at an extreme long 92%, while CoT bias has risen 4% to a heavy long 67% on an increase in silver long positions by 571 lots and a simultaneous 6,781 lot reduction in silver short positions.
Silver chart with retail and institutional sentiment
Oil WTI Technical analysis, overview, strategies, and levels
It was a busy week for oil's prices, but in the end finished not that far off from where it started, and at the upper end of its daily bull trend channel that continues to enjoy positive technical bias. On the weekly, the outlook was – and remains – more consolidatory in the absence of any significant moves, and where last week’s Tuesday plummet offered a buy on reversal, with a positive DMI (Directional Movement Index) cross occurring on the weekly. In oil data, Baker Hughes latest US oil rig count showed yet another drop, this time to 671 from 674 prior.
IG client and CoT sentiment for Oil WTI
Lastly, in sentiment retail bias shifted to majority long intraweek before shifting back to a majority short 59% as longs get enticed into taking profit and shorts hold on. Institutional bias is little changed at an extreme long 83% with only slight changes in oil long and short positioning.
Oil WTI chart with retail and institutional sentiment
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.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
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.
