Gains for gold and oil ahead of OPEC+ ministerial meet
Technicals remain bullish on the short-term time frame, retail bias remains heavy buy gold while tested with a slight sell sentiment in oil.
Gold technical analysis, overview, strategies, and levels
While the weekly overview is showing signs of an eventual breakout regardless of whether the move will stick, short-term daily overview is more bullish with more technical boxes flashing green than the weekly time frame and showing a trending ADX, albeit stalling in the sense of failing to offer significant intraday movement and at the upper end of its bull trend channel, yesterday's USD weakness in the forex market a positive but strengthening yields in the bond market an item to note. Fed speak will be on offer today, though is expected to stress transitory price increases. Up days are usually better for silver, which relatively outperformed, the gold/silver ratio back in the 67s.
IG client* and CoT** sentiment for Gold
Ongoing price gains usually result in retail buys taking profit, heavy long bias dropping a notch to 74% while unchanged for silver at 89% and platinum at 92%.
Gold chart with retail and institutional sentiment
Oil WTI technical analysis, overview, strategies, and levels
It's a fundamental day for oil prices with the OPEC+ ministerial meeting, even if no changes are expected in policy and where unconfirmed reports place any decision on output supply beyond the current July schedule, potentially leaving it for their June 24 meeting. The group's secretary-general said he expects the question of Iranian crude returning to be "in an orderly and transparent fashion", oil price gains partially offsetting some fears from the country's oil minister that it could occur at a more rapid pace amidst talk of higher production levels from the oil-exporting nation. As for oil data, Monday's US holiday has meant API is expected to release their inventory figures tomorrow night instead. Any changes from today's meeting is a fundamental move that could render technicals of less use, oil prices thus far enjoying positive moves befitting its weekly bull trend technical overview even if daily technical boxes aren't as optimistic.
IG client* and CoT** sentiment for Oil WTI
Oil WTI chart with retail and institutional sentiment
*The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of today at 8am UAE time for the outer circle. Inner circle is from the previous trading day.
**CoT sentiment taken from the CFTC’s Commitment of Traders report, outer circle is latest report released on Friday with the positions as of last Tuesday, inner circle from the report prior.
Live prices on most popular markets