Gold Futures: Extra rangebound in the pipeline
|According to flash data from CME Group, traders scaled back their open interest positions for the third consecutive session on Tuesday, now by around 30.5K contracts. Volume, instead, went up by around 53.2K contracts.
Gold seen sidelined below $1,600/oz
Th ounce troy of Gold continues to shed ground on the back of easing concerns on the Wuhan virus. Tuesday’s pullback in prices was amidst shrinking open interest, opening the door to some caution in the near-term. The increase in volume, however, favours the consolidative stance, at least in the near-term.
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.