Precious metals retrace off the lows while oil registers a drop
Dented trade hopes aid safe haven products like gold while slower demand and a sizeable EIA surplus forces oil prices into slight retreat.

Gold Technical analysis, overview, strategies, and levels
Safe haven products like gold, bonds, and the yen enjoyed slight retracement yesterday on dented trade deal hopes, and that ensured that the precious metal’s price managed to rise off of its short-term support level, but where a negative DMI (Directional Movement Index) cross occurred.
Current Technical Overview | Consolidation - At Short-Term Support |
Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support At/Before price |
Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
S/L for 2nd Resistance | 1517.7 |
2nd Resistance | 1512.2 |
S/L for 1st Resistance | 1506.7 |
1st Resistance | 1501.3 |
Relative Starting Point | 1490.3 |
1st Support | 1479.4 |
S/L for 1st Support | 1473.9 |
2nd Support | 1468.5 |
S/L for 2nd Support | 1463.0 |
IG client and CoT sentiment for Gold
That has helped retail longs – plenty of whom initiated on Tuesday’s price drop – into taking profit on fresher longs initiated at the lows, with the bias dropping 3% but still at heavy long territories at 76%.

Gold chart with retail and institutional sentiment

Silver Technical analysis, overview, strategies, and levels
As with gold, a negative DMI cross has occurred here as well, with its short-term ranges roughly holding for the time being and keeping its current technical overview in a consolidatory state where the bulk of its main technical indicators are directionless, but where its price is below all its main short-term moving averages.
Current Technical Overview | Consolidation |
Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support After Reversal |
Technical Overview Contrarian Strategies | Buy 1st Support After Reversal, Sell 1st Resistance Upon Breakout From Above |
S/L for 2nd Resistance | 18.19 |
2nd Resistance | 18.08 |
S/L for 1st Resistance | 17.96 |
1st Resistance | 17.85 |
Relative Starting Point | 17.62 |
1st Support | 17.39 |
S/L for 1st Support | 17.28 |
2nd Support | 17.16 |
S/L for 2nd Support | 17.05 |
IG client and CoT sentiment for Silver
Retail extreme long bias remains just that, rising to a staggering 90% as the pair’s price didn’t offer price gains as it did in gold, and hence not giving longs a chance to take profit just yet.

Silver chart with retail and institutional sentiment

Oil WTI Technical analysis, overview, strategies, and levels
Leave it to a larger than expected EIA (Energy Information Administration) surplus of 7.9M that was well above expectations as well as API’s (American Petroleum Institute) estimate of only 4.26M to send oil prices retracing off the highs and failing to allow the energy commodity’s price in successfully closing above the 200-day moving average for the third day running. Despite the retracement the technical overview is still showing a touch of short-term positive technical bias, and where most of its main technical indicators are flashing green.
Current Technical Overview | Consolidation - Positive Bias |
Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support Af/Before Reversal |
Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
S/L for 2nd Resistance | 58.84 |
2nd Resistance | 58.34 |
S/L for 1st Resistance | 57.83 |
1st Resistance | 57.33 |
Relative Starting Point | 56.33 |
1st Support | 55.33 |
S/L for 1st Support | 54.83 |
2nd Support | 54.32 |
S/L for 2nd Support | 53.82 |
IG client and CoT sentiment for Oil WTI

Oil chart with retail and institutional sentiment

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