Gold Futures: Further downside appears unlikely
|Open interest in gold futures markets resumed the downside on Monday, this time by around 2.8K contracts according to flash data from CME Group. In the same line, volume shrunk by around 118.1K contracts, offsetting the previous build.
Gold meets support near $1,760/oz
Gold prices tested new lows in the $1,760 area at the beginning of the week and closed within the negative territory for the second session in a row. The downtick, however, was on the back of shrinking open interest and volume, leaving the prospects of a deeper pullback somewhat diminished.
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.