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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, silver, and oil experience another volatile session

Fed rate cut likelihoods surge, retail long bias rises in gold and silver.

Gold Source: Bloomberg

Gold Technical analysis, overview, strategies, and levels

Even as equities were dropping on Tuesday, gold prices also fell conforming to its current volatile technical overview that has been testing fresh longs entering the market. Wednesday's price moves offered breakout opportunities in both directions befitting its current volatile technical overview once more where pivot points are at risk of being broken in the current climate. US preliminary GDP (Gross Domestic Product) figures will be released today, and while they're expected to show growth, attention is now on where future economic data figures will rest, no doubt tested in some sectors and regions with severe contractions given the current effects from the coronavirus. US Federal Reserve rate cut likelihoods continue to rise, majority pricing in one for April, two by June, and three by the end of the year.

Gold Technical Indicators Source: IG charts

IG client* and CoT sentiment for Gold

Gold sentiment Source: IG charts

Gold chart with retail and institutional sentiment

Gold Source: IG charts

Silver Technical analysis, overview, strategies, and levels

After suffering volatile sessions earlier in the week that undid its previous bull trend technical overview, Wednesday's price moves were once again relatively volatile, breaking beneath yesterday’s 1st Support level before eventually recovering. The gold/silver ratio has risen once again as gold finished slightly in the green while silver prices faltered.

Silver Technical Indicators Source: IG charts

IG client* and CoT sentiment for Silver

In sentiment, retail bias is extreme long and rising to 91%, with platinum at an extreme long 82% after experiencing another price drop, and palladium at a full short 100% with the precious metal's price registering another fresh record high this morning.

Silver sentiment Source: IG charts

Silver chart with retail and institutional sentiment

Silver Source: IG charts

Oil WTI Technical analysis, overview, strategies, and levels

After API's (American Petroleum Institute) slight 1.3M surplus Tuesday night, EIA's (Energy Information Administration) more encompassing estimate showed a smaller 0.5M increase following expectations for a 2.3M addition. From a technical standpoint – and it has mattered less as of late, the latest moves have remained volatile, with negative technical bias but where fundamental risk-related moves regarding economic growth and travel concerns have resulted in breakout strategies outperforming against reversals. Its price broke through both yesterday’s 1st and 2nd Support levels, and a moving average (MA) cross occurred with the 50-day moving below its 200-day, having recently crossed below its 100-day MA.

Learn more about oil trading.

Oil Technical Indicators Source: IG charts

IG client* and CoT sentiment for Oil WTI

Retail bias was 84% extreme long yesterday, and the latest plummet has taken that bias 4% lower to 80%.

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.

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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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