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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Gold climbs, silver outperforms, oil craters

Retail long bias drops in gold and silver on profit-taking, oil extreme long bias rises as longs get stuck.

Gold Source: Bloomberg

Gold Technical analysis, overview, strategies, and levels

Gold prices were in for another climb higher only briefly breaching yesterday's 1st Resistance level offering little beyond it before aiding contrarian reversals this time around as its price (thus far) partially retraced back down. A flood of money from the US Federal Reserve (Fed) and clear monetary easing has usually meant the non-yielding precious metal ought to be in for gains. And today's data out of the US later on includes US retail expected to show heavy contraction, as well as the Fed's Beige book.

Gold Technical Indicators Source: IG charts

IG client* and CoT sentiment for Gold

In sentiment, longs getting enticed into closing out as well as a minority of daring shorts has pushed heavy long bias amongst retail traders to 68% from 69% prior.

Gold sentiment Source: IG charts

Gold chart with retail and institutional sentiment

Gold Source: IG charts

Silver Technical analysis, overview, strategies, and levels

Silver prices were in for a session of gains to take its price just below its 50-day day moving average, but once again failing to take its price towards yesterday's key pivot points even if its finish was in line with its current technical overview that has been showing more bullish moves likely on the back of USD weakness. The gold/silver spread retraced back down a bit as silver outperformed.

Silver Technical Indicators Source: IG charts

IG client* and CoT sentiment for Silver

In sentiment, here too retail bias has dropped slightly to 91% but clearly remains in extreme long territory, and where the bulk of those longs have been initiated well above current market price.

Silver sentiment Source: IG charts

Silver chart with retail and institutional sentiment

Silver Source: IG charts

Oil Technical analysis, overview, strategies, and levels

It was another tough session for oil prices, despite an OPEC+ deal that hasn't been able to put a floor on oil prices just yet as the energy commodity's price made another move lower testing not just traders, but producers and governments heavily reliant on a higher oil price. Its price briefly breached yesterday's 1st Support level and since has been oscillating close to it, not giving long traders much breathing room. In oil data, API's (American Petroleum Institute) oil inventories showed a massive 13.14m surplus, and EIA (Energy Information Administration) is up next projected to show a similar sized surplus, even if it has been showing bigger increases compared to API as of late.

Learn more about oil trading.

Oil Technical Indicators Source: IG charts

IG client* and CoT sentiment for Oil WTI

As for sentiment, long traders continue to get tested here with extreme long bias for both retail and institutional traders, the bias amongst the former rising to 84%.

Oil sentiment Source: IG charts

Oil WTI chart with retail and institutional sentiment

Oil Source: IG charts

*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.

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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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