Gold Futures: Rebound in the offing?
|Open interest in gold futures markets extended the choppy activity and rose by around 1.2K contracts on Wednesday, according to preliminary figures from CME Group. Volume, instead, increased by around 19.1K contracts after two consecutive daily drops.
Gold could still drop to the $1,670 area
Gold prices recorded fresh 2021 lows in the vicinity of the $1,700 mark per ounce troy on Wednesday. The downtick was amidst shrinking open interest, which allows for a potential rebound in the very near-term. The next target of note on the downside stays at the June 2020 lows in the $1,670 zone.
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.