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 gets the attention on fresh highs, oil oscillates

Federal Reserve minutes and manufacturing PMIs out of the US, while EIA’s estimate closely watched by oil traders.

Gold Technical analysis, overview, strategies, and levels

Gold prices have been taking much of the attention as of late, its price breaching the $1780s yesterday and briefly crossing above yesterday's 1st Resistance level before partially retracing off the highs, making contrarian reversals briefly the outperforming strategy at the expense of breakouts as upside movement continues to remain limiting and at risk of partial pullbacks. Talk of record high prices, both technical and fundamental bullish factors, a brief glance at its main technical boxes, and it’s very tempting to label its overview a bull trend. However, we've been here before, and while reversals off the highs have been the outperforming strategy as of late, an eventual big uptick in volatility can't be ruled out, and where pivot points breaks in either direction are likely to be the conforming strategy, especially in the event a downside squeeze on long positions. Those unwilling to consider pivot point play at first levels can consider second levels instead.

IG client* and CoT sentiment for Gold

Gold chart with retail and institutional sentiment

Oil Technical analysis, overview, strategies, and levels

Oil prices remained within its key pivot points yesterday not offering much of a play, and in turn leaving traders to turn into today's items instead. In oil data, API's (American Petroleum Institute) oil inventories reading for the US showed a massive drawdown of about 8.2m, with EIA's (Energy Information Administration) more encompassing estimate expected to show a smaller deficit later today. Coronavirus cases and concerns have failed to subside, with reopening facing more restrictions domestically and in terms of travel, and keeping appetite for the energy commodity limited. That in turn will require OPEC+ commitments extended further into the future, the absence of which would test the energy commodity's price, or at the very least entice contrarian sell reversal strategies off of any significant fresh highs at risk of an eventual reversal.

Learn more about oil trading.

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 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
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

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.