Precious metals retrace as risk appetite improves
Gold and silver could be in for downside bias as US indices power higher.

Gold Technical analysis, overview, strategies, and levels
It's a tricky situation for gold's price at this stage, as risk-taking is generally limited ahead of tomorrow night's US Federal Reserve (Fed) event (as well as those from other major central banks), and also where equities have been outperforming which tends to hurt the safe haven precious metal. Its price is now well below its 50-day moving average, and ongoing gains in equities could easily entice contrarian sell breakout strategies over conformist reversals, especially in the short-term should fresh record highs be made in US equities.
Current Technical Overview | Consolidation - Negative Bias |
Technical Overview Conformist Strategies | Sell 1st Resistance At/Before Price, Buy 1st Support After Reversal |
Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
S/L for 2nd Resistance | 1520.4 |
2nd Resistance | 1514.7 |
S/L for 1st Resistance | 1509.0 |
1st Resistance | 1503.2 |
Relative Starting Point | 1491.8 |
1st Support | 1480.4 |
S/L for 1st Support | 1474.7 |
2nd Support | 1468.9 |
S/L for 2nd Support | 1463.2 |
IG client and CoT sentiment for Gold
Retail bias has risen 6% to a heavy long 73% as fresh shorts close out and longs initiate anticipating a move back up, though remains well below extreme long bias held by larger speculative traders as per the latest Commitment of Traders (CoT) report.

Gold chart with retail and institutional sentiment

Silver Technical analysis, overview, strategies, and levels
The moves in gold and silver have had little difference as of late, the two relatively in tandem but where this pair's price is showing a touch more of positive technical bias that has been eroded with the recent drop in precious metals. Whether one outperforms or the other, they both tend not to veer that far off from each other, especially as both are priced in dollars, and hence both are awaiting fundamental USD-related news, and affected by any changes in risk appetite with equities making fresh highs. The pair’s price has crossed and closed below its 50-day moving average, and as with gold downside bias may entice sell breakout contrarian strategies should momentum on the back of risk-related trades take place.
Current Technical Overview | Consolidation |
Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support After Reversal |
Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
S/L for 2nd Resistance | 18.45 |
2nd Resistance | 18.32 |
S/L for 1st Resistance | 18.20 |
1st Resistance | 18.07 |
Relative Starting Point | 17.82 |
1st Support | 17.57 |
S/L for 1st Support | 17.44 |
2nd Support | 17.31 |
S/L for 2nd Support | 17.19 |
IG client and CoT sentiment for Silver

Silver chart with retail and institutional sentiment

Oil Technical analysis, overview, strategies, and levels
Positive trade news and increased risk appetite usually helps energy prices in rising higher. However, Chinese industrial profits and gains in equities primarily in the tech sector (that isn’t significantly reliant on oil as an input) have kept those recent gains in check, but where any future increases could give the energy commodity more positive technical bias. Prior to the Fed’s event we’ve got tonight’s American Petroleum Institute estimate for US oil inventories.
Current Technical Overview | Consolidation - Positive Bias |
Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support After Reversal |
Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
S/L for 2nd Resistance | 58.39 |
2nd Resistance | 57.78 |
S/L for 1st Resistance | 57.36 |
1st Resistance | 56.85 |
Relative Starting Point | 55.83 |
1st Support | 54.81 |
S/L for 1st Support | 54.30 |
2nd Support | 5.79 |
S/L for 2nd Support | 53.27 |
IG client and CoT sentiment for Oil WTI
In terms of sentiment, it has risen slightly as fresh longs initiate, but stands close to the middle with any significant surge likely to cause a shift in bias.

Oil chart with retail and institutional sentiment

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