Gold Futures: Further upside looks unlikely
|Investors trimmed their open interest positions in Gold futures markets for the second straight session on Friday, this time by around 26.1K contracts as per advanced data from CME Group. In the same line, volume shrunk for the third session in a row, now by nearly 23.5K contracts.
Gold: Rally might take a breather
Friday’s positive price action in Gold was accompanied by declining open interest and volume, all indicative that the continuation of the upside could be under pressure. That said, some consolidation/correction is expected in the short-term horizon, therefore postponing the potential visit to the psychological $2,000 mark per ounce.
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.