Skip to content

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 retrace on USD strength

Risk-off mood fails to aid the precious metal as USD sought after.

Gold Source: Bloomberg

Gold Technical analysis, overview, strategies, and levels

While it was a risk-off mood yesterday in the financial markets with equities retreating and yields rising, it was the US dollar that was also sought after and gold – priced in dollars – was in for a slight retreat that failed to take its price towards either key pivot point. Should a 'buy everything' moment return or even a risk-on mood that will put the greenback in retreat and it may aid the precious metal's price in moving higher and in line with its current technical overview where all its main technical indicators are flashing green.

Gold Technical Indicators Source: IG charts

IG client* and CoT sentiment for Gold

Retail bias is unchanged following yesterday’s moves at a heavy long 68%, where both they and larger speculative traders according to last Friday’s CoT (Commitment of Traders) report holding an extreme long bias at 90% have initiated those long positions at lower price levels.

Gold sentiment Source: IG charts

Gold chart with retail and institutional sentiment

Gold Source: IG charts

Silver Technical analysis, overview, strategies, and levels

A risk-off mood yesterday aided safe haven assets, but metals priced in dollars like both gold and silver finished the session lower, with silver underperforming compared to its precious metal cousin and in turn taking the gold/silver ratio slightly higher. Its price also breached yesterday’s 1st Support with a buy-on-reversal offering some but not much before making another move lower as of this morning and in turn hurting conformist strategies.

Silver Technical Indicators Source: IG charts

IG client* and CoT sentiment for Silver

While retail bias is still at extreme long levels, it has dropped to 89% from 91% yesterday, and in contrast to gold is far higher than that of larger speculative CoT traders holding aa heavy long bias of 74%.

Silver sentiment Source: IG charts

Silver chart with retail and institutional sentiment

Silver Source: IG charts

Oil Technical analysis, overview, strategies, and levels

Oil was in for another move lower yesterday even if its price failed to break below yesterday's 1st Support level, with EIA (Energy Information Administration) making mention that recent OPEC+ supply cuts wouldn't stop storage capacity from overflowing with oil not helping, nor a staggeringly high 19.2m increase in oil inventories that once again beat that of API's (American Petroleum Institute) prior. Its price is back at its short-term support level, which in turn is at 20-year lows, with the only upside news thus far geopolitical tensions. Its volatile technical overview has remained tested as of late, and where pivot point breaks to the downside may not be as yielding in the mid to long-term.

Learn more about oil trading.

Oil Technical Indicators Source: IG charts

IG client* and CoT sentiment for Oil WTI

In sentiment, retail bias is still in extreme long territory but has dropped slightly to 82%.

Oil sentiment Source: IG charts

Oil WTI chart with retail and institutional sentiment

Oil Source: IG charts

*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.

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

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.