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.

Oil prices plummet, gold rises

Conflicting OPEC+ reports and a mixed EIA stockpile report test oil prices, while dovish Federal Bank testimony sends the dollar and yield lower aiding the gold prices.

Sign up for IG's Daily and Weekly Market Report to receive this information and more, in an elaborate and comprehensive report recounting the forex majors, commodities and indices before the European open.

Gold technical analysis, overview, strategies, and levels

A breach of its previous first resistance level that acted as support thereafter, and meant contrarian breakout strategies outperformed as conformist reversals were stopped out on the move higher, prices at the upper extreme of the band and not that far off from crossing the last of its main long-term moving averages as seen on the daily chart. The US dollar was in retreat in the forex market while yields generally took a tumble, a US central bank on hold and dovish testimony from its chairman a positive catalyst for the non-yielding precious metal that has been able to hold its ground even when the dollar strengthens (as seen when CPI figures were released earlier in the week). The technical overview is a trickier one, positive technical bias building as it approaches its weekly first resistance level, the long-term time frame showing an eventual break but without any bias for direction.

You can trade Gold with IG by creating a trading account or log into your existing account to get started.

IG client* and CoT** sentiment for Gold

Retail traders are still extreme buy hoping for more positive movement.

Gold chart with retail and institutional sentiment

Oil WTI technical analysis, overview, strategies, and levels

Conflicting reports over whether an agreement was reached amongst OPEC+ members that would unlock more output as the United Arab Emirate's energy minister confirmed that one hadn't been reached, ongoing 'consultations between concerned parties' as oil traders await any updates on that front that would offer some certainty (and in turn tilt its short-term overview), conformist breakout strategies winning out on yesterday's plunge that took prices past its key support levels with ease. As for US stockpiles, Energy Information Administration reading showed an eighth consecutive drawdown of 7.9m barrels, but gasoline stocks up by one metre opposite deficit expectations (demand dropping) and distillate rising even more by 3.7m barrels. All eyes on any OPEC+ negotiation updates, elsewhere negotiations that would bring back more supply pushed until the middle of next month.

You can trade Oil with IG by creating a trading account or log into your existing account to get started.

Learn more about oil trading.

IG client* and CoT** sentiment for Oil WTI

As for sentiment, retail bias has shifted from a previous majority short 57% to slight buy 54%.

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 for the outer circle. Inner circle is from the previous trading day.

**CoT sentiment taken from the CFTC’s Commitment of Traders report, outer circle is latest report released on Friday with the positions as of last Tuesday, inner circle from the report prior.

Related articles

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 Monday. 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.

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.


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.