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 remain range-bound while oil retreats slightly ahead of API

Price movement in line with precious metals’ technical overview but set to get jolted by tomorrow’s FOMC.

Gold Technical analysis, overview, strategies, and levels

There's little for gold to go on ahead of tomorrow's US Federal Reserve (Fed) monetary policy announcement, as risk-taking in the greenback is usually limiting with the focus more on portfolio readjustments prior. From a technical standpoint, its price is relatively near the lows and below all its main short-term moving averages (as well as most of its long-term moving averages), and a negative DMI (Directional Movement Index) cross has occurred. Its remaining main technical indicators remain neutral however, and with a non-trending ADX (Average Directional Index).

IG client and CoT sentiment for Gold

Retail bias is unchanged since yesterday standing at an extreme long 79%, and should a lack of price movement occur and it may entice trend traders into range trading instead.

Gold chart with retail and institutional sentiment

Silver Technical analysis, overview, strategies, and levels

Silver has been the precious metal struggling more as of late, even if it managed to only slightly lift itself off the lows yesterday. More negative technical bias is emerging with more of its main technical indicators flashing red. However, with its fate tied to gold (even if the spread between the two can move), the two rarely have diverging technical overviews for long, meaning expecting one to catch up with the other has usually been the likelier scenario.

IG client and CoT sentiment for Silver

Extreme long retail traders holding a 92% bias continue to hold their breath hoping for a move back up, and larger speculative traders (according to the latest Commitment of Traders report) are also holding a heavy long bias at 70%.

Silver chart with retail and institutional sentiment

Oil WTI Technical analysis, overview, strategies, and levels

Will it or won't it has been the question for oil in terms of breaching the upper end of its daily bull trend channel, and tonight's API (American Petroleum Institute) inventories estimate is the first of the weekly items we'll be getting later today. While the impact is limiting and sometimes off that of Wednesday's EIA estimate, it is still watched by traders wanting a glimpse of what the latter's more encompassing estimate might look like, especially after last week's 4.9M drawdown and followed by a larger than expected output reduction by OPEC+ members last Friday.

Learn more about oil trading.

IG client and CoT sentiment for Oil WTI

The slight retracement back down has enticed fresh shorts into closing out but given the bulk of those shorts have been initiated at lower price levels means the slight move lower has only caused majority short bias to drop by 1% to 60% amongst retail traders.

Oil WTI chart with retail and institutional sentiment

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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.

Keep an eye on FOMC opportunity

Find out how FOMC meetings can affect the markets ahead of the next one on 27-28 April 2021.

  • How might the next Fed meeting impact your trading?
  • What was decided at the last Fed meeting?
  • How does the FOMC announcement usually affect the dollar?

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