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’s overview volatile ahead of OPEC+ technical meeting

Gold’s technical overview also volatile thanks to fundamental shifts.

Gold Technical analysis, overview, strategies, and levels

Last Monday's plummet alone was enough to aid conformist breakout strategies on the Weekly in line with its volatile overview, but throughout the rest of the week it's been a case of trying to claw back lost territory, its price failing to aid conformist breakouts on the Daily on Thursday as its price partially retraced to aid contrarian reversals, eventually finishing above the 1st Resistance level on Friday. US yields rising took the attention on expectations of eventual growth thanks to Pfizer-BioNTech's vaccine news, and any further progress on that front be it from the duo, Moderna, or elsewhere could offset short to mid-term worries over surging coronavirus cases in the US and the economic damage it is causing.

IG client* and CoT** sentiment for Gold

Retail bias starts this week in extreme buy territory compared to the start of last week's 77% majority long sentiment, due to last Monday's plummet. Silver also starts the week higher at long 90% compared to last Monday's 87%. (CoT figures are delayed and will be released tonight, and hence institutional sentiment will be updated in tomorrow’s Daily Market Report).

Gold chart with retail and institutional sentiment

Oil WTI Technical analysis, overview, strategies, and levels

When viewed from a Weekly standpoint, conformist breakout strategies outperformed as its price breached its 1st and 2nd Resistance levels towards the middle of last week, even if those gains were partially undone. On the Daily the momentum has dropped, testing short-term breakout strategies and aiding contrarian reversals for smaller pullbacks. Coronavirus cases surging in the mid-term and prompting new restrictions has brushed up against positive vaccine news at the start of last week. In oil data, Baker Hughes oil rig count for the US enjoyed another consecutive increase, rising from 226 to 236. We've got an OPEC+ technical meeting tomorrow, though according to a Reuters article from sources that countries this time around are '101%' compliant, and in turn would aid the mood especially as members see light at the end of the tunnel.

Learn more about oil trading.

IG client* and CoT** sentiment for Oil WTI

Retail bias shifted to majority short during the middle of last week, but starts the week off back in long bias following the retracement in its price enticing fresh shorts into closing out. (CoT figures are delayed and will be released tonight, and hence institutional sentiment will be updated in tomorrow’s Daily Market Report).

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.

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.