Gold Futures: A deeper pullback appears out of favour
|Open interest in gold futures markets extended the downtrend for yet another session on Friday, this time shrinking by nearly 4K contracts according to preliminary readings from CME Group. In the same line, volume remained choppy and went down by around 49.2K contracts.
Gold: Next on the upside comes $1,786
Friday’s downtick in gold prices was amidst diminishing open interest and volume, which should mitigate the probability of further weakness in the very near term. In case the rebound resumes, the next target comes at the November peak at $1,786 per ounce troy (November 15).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.