Gold Futures: Scope for further decline
|Open interest in gold futures markets rose by nearly 10K contracts after two consecutive daily drops on Wednesday, according to preliminary readings from CME Group. Volume followed suit and went up by more than 94K contracts following three straight daily drops.
Gold faces the next contention around $1900
Prices of gold rose to multi-session peaks around the $1945, just to come all the way down and close Wednesday’s session with modest losses. The marginal pullback was on the back of increasing open interest and volume, which leaves room for further losses in the very near term. That said, next on the downside emerges the key contention area around the $1900 region per troy ounce.
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.