Gold Futures: Downside looks shallow
|Open interest in Gold futures markets shrunk by more than 11K contracts on Thursday, reversing at the same time five consecutive daily builds in light of preliminary readings from CME Group. On the opposite direction, volume extended the uptrend and rose by around 16.8K contracts.
Gold poised to extend the consolidation
Prices of the ounce troy of the precious metal reversed three consecutive daily advances and closed just above the $1,900 mark on Thursday. The move, however, was accompanied by shrinking open interest, supportive of shallow retracements. That said, Gold prices remain sandwiched between the 55-day and the 100-day SMAs at $1,925 and $1,880 per ounce, respectively, 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.