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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 and silver in oscillation while oil prices finish higher

EIA drawdown aids oil prices in finishing higher, while consolidatory moves encompass precious metals’ gold and silver.

Gold Source: Bloomberg

Gold Technical analysis, overview, strategies, and levels

There was little on the economic calendar to push gold's price in one direction or another, and hence attention remained on where risk appetite (or in the case of the safe haven asset it needs the lack thereof) as well as appetite for the US dollar. The lack of significant economic data continues today, though tomorrow's US GDP (Gross Domestic Product) could influence this pair's price that has been most consolidatory and in line with its current technical overview.

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

IG client and CoT sentiment for Gold

A lack of change in price has meant retail bias hasn’t budged, opting to remain at a heavy long 70%.

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

Both gold and silver have seldom deviated in terms of performance that has relatively been unchanged and keeping the gold/silver spread relatively rangebound. Similar factors for gold are at play here, and the technical overview for both is consolidatory on the daily and weekly levels.

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

IG client and CoT sentiment for Silver

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

The attention for oil was on the usual Wednesday EIA (Energy Information Administration) report, whereby it showed a 1.1M deficit following expectations of a 1.5M deficit that contrasted API's (American Petroleum Institute) 4.7M surplus the day before. That has meant oil prices bumped higher for the session and ahead of US GDP figures tomorrow that may influence appetite for energy depending on the result.

Learn more about oil trading.

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

IG client and CoT sentiment for Oil WTI

Retail bias was at a majority short 71% yesterday morning getting slightly squeezed by the higher price moves that have pierced the upper end of this energy commodity's bull trend channel, and today morning stands a notch higher at 72%.

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

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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.

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