of clients are net short. | Change in | Longs | Shorts | OI |
| Daily | 2% | -4% | 0% |
| Weekly | 7% | -3% | 4% |
What does it mean for price action? Get My Guide Crude Oil Technical Analysis 
Barring a miracle prices look set for their first monthly close below the previously dominant uptrend line for the first time in a little over a year. This market is clearly being driven primarily by fundamentals, with the spread of coronavirus likely to see further falls, assuming major producers don't respond with sweeping production cuts.
Technically the monthly chart would appear to have reasonably strong support in the $50.69/barrel region where the bears have been stymied three times since June 2019. A break below that in the coming month, however, would see the psychologically important $50 mark threatened and 2018's low of $46.03 back in play.
It is highly likely that producers would indeed take action to move prices higher if this point were threatened and investors need to stay mindful of this even if the coronavirus story worsens.
Gold Technical Analysis Gold prices seem to have settled into a higher trading range above their previous band but well below this month's notable highs.
However, while the market clearly remains extremely well supported and comfortable at altitude, recent daily ranges have with obvious exceptions tended to be narrow and there may not be a huge amount of conviction about this new range.
The trade of a new month may be instructive on this point but, even if the market returns to its former trading band there seems little reason to fear any dramatic near-term correction lower.
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--- Written by David Cottle, DailyFX Research
Follow David on Twitter @DavidCottleFX or use the Comments section below to get in touch!
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