Traders Adopt More Cautious Approach: Gold and Oil's Role in Q2 2026

In the last three months, easyMarkets observed a more cautious approach from its users amid growing geopolitical tensions and mixed economic signals. According to a recent report, gold remained as the primary traded instrument during the second quarter of 2026, followed by oil and US stock indices. However, there was a moderation in volatility and total trading volumes compared to previous quarters. The cautious stance reflects a preference for shorter-term opportunities and greater use of stop-loss orders. 'What distinguished Q2 wasn’t a specific market but how traders approached risk,' explains Giannis Nikola, Chief Risk Officer at easyMarkets. 'We saw clients becoming more selective with their trades, reducing overall exposure and using stop-loss orders more frequently in the face of geopolitical uncertainties that made identifying a clear market direction challenging.' Gold maintained its position as the top traded instrument, reflecting demand for traditionally safe-haven assets amid uncertain times. Oil took second place, with US stock indices completing the top three. While gold generated higher trading volumes, oil emerged as one of Q2’s defining stories, particularly due to heightened geopolitical tensions in the Middle East, with a focus on the Strait of Hormuz. Despite these market swings, client positioning remained measured, with limited exposure and cautious trading rather than aggressive risk-taking.