Market Sentiment: Gold, Silver, Platinum, Copper, USD Outlook

Market sentiment analysis:

  • Trader confidence remains high in gold, silver and other metals, suggesting further gains for XAU/USD, XAG/USD and XPT/USD once the recent bout of profit-taking is over.
  • Meanwhile, the US Dollar (DXY) continues to slide, bolstering metal prices.

Traders still confident about gold, silver, platinum, copper and iron ore

Traders remain confident of further gains in precious metals such as gold, silver and platinum, as well as base metals like copper and iron ore, suggesting that their prices could yet move higher still despite some profit-taking after gold reached a record high and silver a seven-year high.

US Gold Price Chart, Daily Timeframe (January 1 – July 28, 2020)

Latest gold price chart.

of clients are net long.

of clients are net short.

Change in Longs Shorts OI
Daily -9% -6% -8%
Weekly 6% 8% 7%

Chart by IG (You can click on it for a larger image)

Meanwhile, the US Dollar (DXY) continues to slide, adding to the attraction of the precious and base metals.

In this webinar, I looked at the trends in the major currency, commodity and stock markets, at the forward-looking data on the economic calendar this week, at the IG Client Sentiment page on the DailyFX website, and at the IG Client Sentiment reports that accompany it. You might also like to check out the DailyFX Trading Global Markets Decoded podcasts.

Find out here how to use sentiment data when trading

How to Use IG Client Sentiment in Your Trading

How to Use IG Client Sentiment in Your Trading

Recommended by Martin Essex, MSTA

Improve your trading with IG Client Sentiment Data

— Written by Martin Essex, Analyst and Editor

Feel free to contact me on Twitter @MartinSEssex

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