Gold Futures: Further downside on the cards
|CME Group’s preliminary figures for Gold futures markets noted open interest rose by around 4.8K contracts on Wednesday, partially reversing the previous drop. In the same line, volume increased for the second session in a row, this time by around 12.8K contracts.
Gold remains capped by the 200-day SMA
Gold prices briefly tested the vicinity of $1,850 on Wednesday, just to close the session with moderate losses. The marked pullback was amidst rising open interest and volume, leaving the door open to further declines in the very near-term. In the meantime, the 200-day SMA around $1,850 per ounce troy continues to cap the upside 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.