Gold Futures: Room for extra downside

Pablo Piovano FXStreet

Traders increased their open interest in gold futures markets by nearly 1.4K contracts on Thursday, extending the erratic performance and in light of preliminary readings from CME Group. In the same line, volume rose for the second session in a row, this time by around 7.2K contracts.

Gold still sees a move to $1,850/oz

Thursday’s downtick in gold prices was amidst rising open interest and volume, opening the door to the continuation of the recent downtrend and exposing a move to the $1,850 mark per ounce and probably below.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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