Gold Futures: further signs of consolidation
|According to CME Group’s estimates, open interest in Gold futures markets increased fir yet another session on Tuesday, now by around 23.K contracts. On the other hand, volume resumed the downside and dropped by nearly 9.7K contracts.
Gold met support near $1,530
Gold appears to have met some decent contention near $1,530 per ounce troy on Tuesday. This area of support is reinforced by the proximity of a Fibo retracement of the December rally around $1,532. The uptick in open interest allows for the continuation of the recovery, although declining volume could point to some rangebound in the near-term at least.
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.