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 rises on EIA deficit and easing of lockdown restrictions

Retail bias remains majority long anticipating further price gains.

Gold Technical analysis, overview, strategies, and levels

It was a mixed session for gold prices, ending higher as the US dollar weakened in the FX market but not by much as indices also finished in the green in a slight risk-on mood. Its price failed to reach either of its key pivot points, and on the economic front yesterday's US Federal Reserve (Fed) minutes showed policymakers reaffirming to keep rates near zero until the economy is back in recovery mode. We'll get the Fed's Chair Powell speaking later today, as well as US unemployment claims expected to show another significant figure. From a technical standpoint, all its main technical indicators continue to flash green, but a lack of intraday momentum has kept its price stuck near the highs.

IG client* and CoT sentiment for Gold

Retail longs continue to get tested by a lack of follow through in upside movement, and the bias has dropped slightly to 72% as a few run out of patience.

Gold chart with retail and institutional sentiment

Silver Technical analysis, overview, strategies, and levels

Although silver prices finished higher yesterday and outperformed against gold for another consecutive session, the gains were limiting and this morning it has suffered an early plummet to aid a conformist buy-on-reversal on yesterday's 1st Support level as its price partially recovers (thus far). The US dollar has been a relative underperformer in the FX market, but it has gained slightly this morning to put USD based pairs (and precious metals like this one) into slight retreat. From a technical standpoint, here too all its main indicators are flashing green with its price now that far off from its 200-day moving average which it crossed a few days ago.

IG client* and CoT sentiment for Silver

Retail bias is still in extreme long territory but as with gold, a few longs are getting impatience taking the bias a couple notches lower. Their bias is an extreme long 87% as of this morning.

Silver chart with retail and institutional sentiment

Oil Technical analysis, overview, strategies, and levels

Oil prices were in for another day of significant gain, aiding conformist breakout strategies (even after an early reversal it has recovered once more to surge higher again). EIA's (Energy Information Administration) oil inventories estimate was a significant 5m deficit, and on the lockdown front restrictions are easing further with all US states now at least partially reopened. Most of its technical indicators are flashing green and giving clear signs of a bull trend, but given the underlying volatility that has led to where prices are today, it might be a question of breakout vs. reversal than that of buy vs. sell.

Learn more about oil trading.

IG client* and CoT sentiment for Oil WTI

Retail traders after recently shifting to majority long are holding onto that long bias despite the big price gains, with majority buy sentiment dropping only a notch to 59% since yesterday morning.

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

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.