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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.

Silver outperforms again, oil plummets following API surplus

Retail long bias edges higher in gold and oil, down a notch in silver.

Silver Source: Bloomberg

Gold Technical analysis, overview, strategies, and levels

Despite finishing yesterday's session slightly in the red, conformist buy-on-reversal was the outperforming strategy as gold's bullish technical overview continues to stall at these levels, with its price below all its main short-term moving averages but above all its main long-term ones. A risk-on environment in equities certainly doesn't aid the precious metal, but a positive factor has been rising uncertainty on the US-China front especially with measures expected to be announced soon. If those measures are relatively light, it could hurt safe haven further, while if harsher than expected and gold prices will have to contend with a potentially stronger greenback in the very short-term as the yuan weakens in the FX market.

Gold Technical Indicators Source: IG charts

IG client* and CoT sentiment for Gold

Retail bias has risen again and is now in extreme long territory at 78%.

Gold sentiment Source: IG charts

Gold chart with retail and institutional sentiment

Gold Source: IG charts

Silver Technical analysis, overview, strategies, and levels

Despite gold prices dropping, silver outperformed once again with a higher finish that closed above its 200-day moving average. Here too, conformist buy-on-reversal off of yesterday's 1st Support level was the outperforming strategy as the precious metal's price recovered off of the lows to cross and close above the last of its main short-term moving averages. The Gold/silver ratio dropped lower again for third straight session, as the technicals start to diverge between the two in favor of the latter.

Silver Technical Indicators Source: IG charts

IG client* and CoT sentiment for Silver

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 a busy day for oil prices, which broke below yesterday's 1st Support level to (at last) aid conformist breakout strategies that had been tested earlier in the week on a lack of intraday volatility. In oil news, the Kremlin said yesterday that both Russia and Saudi Arabia agreed on further 'close coordination' on oil output restrictions ahead of OPEC+ meetings next month, while in oil data, API's (American Petroleum Institute) sizeable surplus of 8.7m made last week's 4.8m deficit insignificant in comparison. EIA's (Energy Information Administration) more encompassing estimate is up next expected to show a slight deficit, and we'll also get significant US data including preliminary GDP (Gross Domestic Product) and durables. There’s also US-China tensions to factor into account for the energy commodity.

Learn more about oil trading.

Oil Technical Indicators Source: IG charts

IG client* and CoT sentiment for Oil WTI

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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