Daily Market Report: Gold, Silver, & US Oil
Silver outperforms compared to gold once again, oil lags despite massive EIA deficit.
![SilverGold](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/news-article-image-folder/BG_silver_gold_9844445.jpg/jcr:content/renditions/original-size.webp)
GOLD: Relatively rangebound movement but finishing higher against the greenback
The movement in this pair’s price has stalled somewhat near the highs, but the bullish technical outlook remains intact with nearly all its main technical indicators flashing green, but a non-trending ADX potentially enticing contrarian strategies for a reversal strategy off the highs. However, it’s a fundamental day today with the ECB’s decision a big one, and although this pair isn’t priced in euros, the effect of the central bank’s case for monetary easing would make non-yielding assets more attractive, especially in an era where geopolitical tensions have thus far failed to subside and where the Fed would be pressured into responding. Going into today’s event both retail and institutional traders are holding heavy long bias.
![Gold](http://a.c-dn.net/c/content/dam/publicsites/igcom/Dubai/images/Monte/July-2019/25-07-2019/GOLD.png/jcr:content/renditions/original-size.webp)
SILVER: Outperforming against gold once despite a price drop earlier this morning
Once again, silver’s price has outperformed compared to gold’s, pushing past yesterday’s 1st Resistance level and breathing life into the pair’s technical overview of an initializing bull trend. However, some of those gains have been undone as of this morning, and range-trading shorts who weren’t expecting volatility in a pair that had been sedate for most of this (and last) year have been in for a surprise. All its technical boxes are flashing green, and a moving average cross occurred yesterday with its 50-day crossing over its 100-day. The greenback only slightly lagged, and more retreat will be needed for gains to continue to aid extreme long retail traders whose bias is unchanged at 86%, as well as institutional traders whose bias is at a more modest 61% long.
![Silver](http://a.c-dn.net/c/content/dam/publicsites/igcom/Dubai/images/Monte/July-2019/25-07-2019/SILVER.png/jcr:content/renditions/original-size.webp)
OIL – US CRUDE: Plummeting back below its long-term MA’s despite EIA deficit
EIA’s deficit came in at far more than the expected 4.2M and nearly identical to API’s deficit of almost 11M the night before. Yet, despite a relatively lagging greenback in the FX market, oil prices tumbled and undid gains made on Tuesday. As it stands, its price is back below all its main moving averages – both short-term and long-term – and with its ADX showing an ongoing propensity to trend. Geopolitical tensions have failed to subside which could keep prices bid, and yet demand side worries are a cause especially with US manufacturing data a disappointment. Any price drop wouldn’t be good news for either retail or institutional traders with both holding heavy to extreme long bias, the former raising that bias by 2% as fresh shorts get enticed into closing out while longs anticipating gains enter.
![Silver](http://a.c-dn.net/c/content/dam/publicsites/igcom/Dubai/images/Monte/July-2019/25-07-2019/OIL.png/jcr:content/renditions/original-size.webp)
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.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/Rebrand/Article_banners/Commodities-global-component-banner.jpg/jcr:content/renditions/original-size.webp)
React to volatility on commodity markets
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.