Gold Futures: Downside could be losing momentum
|CME Group’s flash data for gold futures markets noted traders reduced their open interest positions for yet another session on Wednesday, this time by around 3.7K contracts. On the flip side, volume went up for the third session in a row, now by around 30.6K contracts.
Gold meets initial support around $1870
Gold prices retreated to six-month lows around $1870 per troy ounce on Wednesday. The sharp downtick was on the back of shrinking open interest and leaves the door open to a near-term rebound. In the meantime, the 200-day SMA at $1927 emerges as the next target for any recovery attempt.
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.