fxs_header_sponsor_anchor

News

Gold Futures: Further consolidation on the cards

Open interest in gold futures markets increased for the second session in a row on Friday, this time by around 1.1K contracts according to preliminary readings from CME Group. Volume, instead, resumed the downtrend and shrank by around 73.8K contracts following the previous daily build.

Gold appears supported by the 200-day SMA

Gold prices could not sustain a move to the area above $1990 on Friday, closing with marginal losses near $1980. The move was amidst rising open interest and decreasing volume, exposing further range bound trade in the very near term. In the meantime, the precious metal appears well supported by the key 200-day SMA at $1937 per troy ounce for the time being.

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.