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.

Pullback in oil as Suez woes lighten

Latest from the CoT report shows traders reducing majority buy bias in gold, on hold in extreme long territory for oil.

Gold technical analysis, overview, strategies, and levels

Spot Gold movement has been a non-story, opting to remain within its previous weekly levels last week, as well as its previous daily ones, failing to offer a play in the process.

The overview is still showing a touch more negative short-term bias even though most of its technical boxes in both time frames are neutral - a negative DMI cross occurring on the daily.

It has become a common theme to get a technical triangle only for a break to follow thereafter, and that of course would mean contrarian breakouts might eventually have their day. Until then, reversals on narrowed ranges have outperformed, making it dangerous once a trend move occurs that'll get a few traders who are getting accustomed to more controlled levels stuck with positions opposite.

Learn more about gold trading.

IG client* and CoT** sentiment for Gold

CoT speculators continue to unwind their heavy long bias, down to 75% as an increase in shorts by 12,666 lots outdoes a 6,537 increase in longs (silver CoT 64%, platinum 79%, palladium 65%).

Gold chart with retail and institutional sentiment

Oil - US Crude technical analysis, overview, strategies, and levels

Short-term volatile moves for WTI Crude (SGD1 Contract) that went beyond key daily levels late last week and in line with its short-term technical overview that's consolidation - volatile.

This is where short-term levels are at risk of breaking with ease but where prices eventually move back to an average level, breakout opportunities only enjoying limited profit-taking while simultaneously reversal strategies get tested on the initial move opposite.

The technical overview is far more positive on the weekly, but that doesn't mean it isn't open to move beyond key support levels as seen last week.

In oil data, Baker Hughes oil rig count rose to 417 from 411 prior, while in the news Suez struggles are expected to be cleared, the signing of a China-Iran agreement that is expected to result in more investment from the former in aiding the latter's exports, and a refinery fire.

We've got an OPEC+ technical meeting later this week, where the fundamental event could easily break levels.

Learn more about oil trading.

IG client* and CoT** sentiment for Oil - US Crude

Oil - US Crude chart with retail and institutional sentiment

Be sure to request IG’s weekly and daily market report when you open an account with IG Dubai and get access to the full information on the forex majors, commodities, indices, and Bitcoin.

*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.


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.

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