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.

Price rise in gold and silver aids retail longs, bias majority short in oil

Heavy range-trading in oil causes retail bias to push further into majority short territory, gains in gold and silver despite fresh record highs in US indices.

Gold Technical analysis, overview, strategies, and levels

After suffering briefly intraday, gold's price managed to recover even as equities posted fresh record highs, as the dollar relatively underperformed in the FX market. However, the slight gains have done little to undo its current consolidatory technical overview that’s still showing negative bias as its price fails to lift significantly far off its short-term support level. US data tonight will be significant in the context of its GDP (Gross Domestic Product) reading and will likely hurt/help risk appetite depending on those results.

IG client and CoT sentiment for Gold

Gold chart with retail and institutional sentiment

Silver Technical analysis, overview, strategies, and levels

Both gold and silver managed to recover off the lows, and here its ADX (Average Directional Index) is showing a propensity to trend, combined with a negative DMI (Directional Movement Index). However, its remaining main technical indicators are neutral, and hence offering a more directionless view ahead of fundamental data this evening that could affect the US dollar.

IG client and CoT sentiment for Silver

The lack of change in retail sentiment on the price move whereby the bias is still at an extreme long 91% is due to where those longs have largely been initiated, and that’s above current market prices and in need of further upside movement.

Silver chart with retail and institutional sentiment

Oil WTI Technical analysis, overview, strategies, and levels

Oil's prices managed to finish higher for the session, though not due to the latest API (American Petroleum Institute) figures regarding US weekly oil stock changes showing a 3.6M surplus after last week's larger 6M surplus showing. That took oil prices retreating off the highs, and ahead of EIA’s (Energy Information Administration) more encompassing estimate up next expected to show a small 0.5M deficit, though bear in mind that US GDP, durables data, and Chicago PMI (Purchasing Managers Index) will matter in the context of potential future energy demand and appetite.

Learn more about oil trading.

IG client and CoT sentiment for Oil WTI

Retail traders continue to range-trade the energy commodity, and majority short bias as a result has turned further bearish, standing at a majority short 63% as longs get enticed into limited profit-taking.

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
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

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.