Gold Futures: Potential rebound on the cards
|CME Group’s flash data for gold futures markets noted traders reduced their open interest positions by just 575 contracts on Friday, adding to the previous daily drop. Volume, instead, reversed the previous daily pullback and increased by nearly 31K contracts, keeping the erratic performance well in place for the time being.
Gold: Positive outlook above the 200-day SMA
Friday’s small downtick in gold prices was on the back of a marginal drop in open interest, which hints at a potential near-term rebound. In the meantime, the yellow metal should shift to a constructive outlook once it clears the 200-day SMA ($1910) in a convincing fashion.
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.