CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

Gold and oil finish higher

OPEC+ set to reduce production next month, EIA shows larger than expected drawdown.

Gold Technical analysis, overview, strategies, and levels

Gold prices remained within yesterday's key pivot points, finishing the session after moves in both directions with the US dollar in retreat in the FX market. That has meant it was another session lacking pivot point play, with its bull trend channel remaining intact and where from a technical standpoint all its main technical indicators continue to flash green. Silver has been outperforming as of late, with the gold/silver ratio dropping for a fourth consecutive session. We've got significant items out of the US today with retail data in focus, some other low to mid-impacting items, as well as more Fed speak.

IG client* and CoT sentiment for Gold

In sentiment, retail bias is little changed since yesterday, up only a notch to a heavy long 67% as of this morning.

Gold chart with retail and institutional sentiment

Oil Technical analysis, overview, strategies, and levels

Despite expectations for increased volatility, oil prices remained within yesterday's main levels, finishing the session higher after making brief intraday dips. The key focus for oil was on the OPEC+ technical meeting regarding the current record output cut of 9.7m barrels per day (bpd) that expires at the end of this month. The net result was that it would drop to 7.7m bpd, though combined with cuts from previous non-compliant members would take the total above 8m bpd. As for EIA's (Energy Information Administration Agency) oil inventories estimate for the US, it showed a sizeable 7.5m deficit similar to API's 8.3m deficit the night before.

Learn more about oil trading.

IG client* and CoT sentiment for Oil WTI

Following the shift in sentiment amongst retail traders to majority short on range-trading these levels, the price increase has enticed more longs into closing out and shorts into initiating, taking the bias higher to a moderate majority sell 57%.

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 morning 8am.

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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.

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