Gold and silver in oscillation while oil prices finish higher
EIA drawdown aids oil prices in finishing higher, while consolidatory moves encompass precious metals’ gold and silver.
Gold Technical analysis, overview, strategies, and levels
There was little on the economic calendar to push gold's price in one direction or another, and hence attention remained on where risk appetite (or in the case of the safe haven asset it needs the lack thereof) as well as appetite for the US dollar. The lack of significant economic data continues today, though tomorrow's US GDP (Gross Domestic Product) could influence this pair's price that has been most consolidatory and in line with its current technical overview.
IG client and CoT sentiment for Gold
A lack of change in price has meant retail bias hasn’t budged, opting to remain at a heavy long 70%.
Gold chart with retail and institutional sentiment
Silver Technical analysis, overview, strategies, and levels
Both gold and silver have seldom deviated in terms of performance that has relatively been unchanged and keeping the gold/silver spread relatively rangebound. Similar factors for gold are at play here, and the technical overview for both is consolidatory on the daily and weekly levels.
IG client and CoT sentiment for Silver
Silver chart with retail and institutional sentiment
Oil WTI Technical analysis, overview, strategies, and levels
The attention for oil was on the usual Wednesday EIA (Energy Information Administration) report, whereby it showed a 1.1M deficit following expectations of a 1.5M deficit that contrasted API's (American Petroleum Institute) 4.7M surplus the day before. That has meant oil prices bumped higher for the session and ahead of US GDP figures tomorrow that may influence appetite for energy depending on the result.
IG client and CoT sentiment for Oil WTI
Retail bias was at a majority short 71% yesterday morning getting slightly squeezed by the higher price moves that have pierced the upper end of this energy commodity's bull trend channel, and today morning stands a notch higher at 72%.
Oil WTI chart with retail and institutional sentiment
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