Skip to content

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’s oscillates while oil finishes higher

Retail bias drops in oil as lack of trend entices traders into range-trading the energy commodity.

Gold Source: Bloomberg

Gold Technical analysis, overview, strategies, and levels

After gapping higher, gold prices were in for a slightly lower finish oscillating near the highs as anticipation grows of whether it can make a new fresh high, or more importantly whether that high will stick or succumb to a reversal and a failure to offer upside significant upside momentum as has been the case for some time now. Testimony from the US Federal Reserve's (Fed) Chair Powell, as well as any updates on the US-China front given the latter's passage of its Hong Kong legislation are items to note.

Gold Technical Indicators Source: IG charts

IG client* and CoT sentiment for Gold

From a sentiment standpoint, retail long bias is down only a couple notches since the start of the week and still in heavy long territory at 67% as of this morning.

Gold sentiment Source: IG charts

Gold chart with retail and institutional sentiment

Gold Source: IG charts

Oil Technical analysis, overview, strategies, and levels

Oil prices enjoyed sizeable gains yesterday though have for now remained within its main weekly pivot points. This morning's Chinese PMIs (Purchasing Managers Index) that showed better than expected expansion is usually a positive factor, though fears of a second wave out of the manufacturing powerhouse, an extension of the first wave in the US, and a potential rise in US-China tensions are still factors to consider. API's (American Petroleum Institute) oil inventories reading for the US will be released tonight ahead of EIA's (Energy Information Administration) more encompassing estimate tomorrow.

Learn more about oil trading.

Oil Technical Indicators Source: IG charts

IG client* and CoT sentiment for Oil WTI

Given the recent rangebound movement in the energy commodity, some traders have opted to range-trade instead, with yesterday’s gains taking majority long bias from 63% down to 56% as heavier percentage changes in sentiment occur on relatively smaller price movements.

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.

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.


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.

See an opportunity to trade?

Go long or short on more than 17,000 markets with IG.

Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.

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.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.