Gold prices slightly lower for the week, oil ends slightly higher

CoT bias still majority buy for both, further unwinding in gold and out of extreme long territory.

Gold technical analysis, overview, strategies, and levels

The moves have remained relatively oscillatory for Spot Gold prices, even if last Thursday's drop went beyond key support levels (though not on reversal until the end of the session, price breaking beneath its previous first support level without recovering prior).

On Thursday, it was stronger yields throwing a wrench into the precious metal's price, while on Friday yields retraced but the greenback still relatively outperformed in the forex market, US data relatively strong even if it missed estimates on some fronts.

Overall, it's been relatively calm when it comes to precious metals (aside from palladium's bull trend channel), the technical boxes for gold, silver, and platinum mostly neutral.

You can trade Spot Gold with IG by creating a trading account or log into your existing account to get started.

Brent Crude technical analysis, overview, strategies, and levels

ETFS Brent Crude prices on the weekly have offered little follow-through beyond long-term levels, last week's weekly first resistance level breached and offering both conformist and contrarian strategies about an equal share on the intraweek high and partial pullback thereafter.

Zooming into the daily and breakout strategies underperformed, as while on some days oil prices go beyond key levels with ease, they are consolidating back towards an average, a theme that should it persist would undo price gains and test short-term bull trend lines.

In oil data, there's been little change as of late when it comes to US rigs according to Baker Hughes, though were up for the month for its ninth time in a row, while in earnings for Big Oil both Chevron and ExxonMobil returned to profit, the former raising its dividend.

You can trade Brent Crude with IG by creating a trading account or log into your existing account to get started.

Learn more about oil trading.

**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.

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