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, silver and oil finish the session lower

Retail long bias drops in gold and silver, rises to 90% in oil.

Gold Technical analysis, overview, strategies, and levels

It was a relatively sedate session for gold prices which remained relatively rangebound and ending close to Friday's close. That has done little to aid either conformist or contrarian strategies awaiting further volatility the likes of which were witnessed in the preceding sessions that for the most part clearly aided conformist breakouts over contrarian reversals. Plenty of economic data awaits, but at this stage less is expected on the monetary and fiscal policy front, usually of greater relevance for the non-yielding precious metal.

IG client* and CoT sentiment for Gold

The lack of movement in price has translated into little movement in sentiment, with retail long bias down only 2% since Friday's close.

Gold chart with retail and institutional sentiment

Silver Technical analysis, overview, strategies, and levels

As with gold, silver prices also dropped in yesterday's session. But the fall here as a percentage was slightly more severe and meant that gold outperformed taking the gold/silver ratio slightly higher. Pricing the uncertainty has always been difficult and has been a boon for conformist breakout strategies anticipating more volatility. The absence of that however, could start to see contrarian strategies come back into play, and lead to an eventual technical overview shift.

IG client* and CoT sentiment for Silver

In sentiment, retail bias has also dropped slightly, but here remains in clear extreme long territory at 88% as of this morning.

Silver chart with retail and institutional sentiment

Oil Technical analysis, overview, strategies, and levels

Oil prices were in for another consecutive decline, briefly taking its price to 18-year lows, and led to top energy officials of the US and Russia consulting on the slump in oil markets following a phone call between their respective leaders. Although no action can be taken on the demand side to get consumers in lockdown to consume more of the energy commodity, only some sort of supply-side agreement could aid oil prices in lifting itself off the lows. We get the first of the usual oil data this evening out of API (American Petroleum Institute), which has been showing surprising deficits running in contrasts with EIA’s surplus.

Learn more about oil trading.

IG client* and CoT sentiment for Oil WTI

As for sentiment, retail long bias has risen to a now extreme long 90%, and where in the case of both retail and larger speculative traders the vast majority of those longs have been initiated at a higher price level.

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.

React to volatility on commodity markets

Trade commodity futures, as well as 27 commodity markets with no fixed expiries.

  • Wide range of popular and niche metals, energies and softs
  • Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
  • View continuous charting, backdated for up to five years

See opportunity on a commodity?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See opportunity on a commodity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Analyse and deal seamlessly on fast, intuitive charts
  • Get spreads from just 0.3 points on Spot Gold
  • See and react to breaking news in-platform

See opportunity on a commodity?

Don’t miss your chance. Log in to take your position.

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.