Gold Futures: Scope for a near-term rebound
|Open interest in gold futures markets shrank for the first time after six consecutive daily builds on Thursday, this time by around 1.2K contracts according to preliminary readings from CME Group. Volume, instead, went up by more than 26K contracts amidst the prevailing erratic performance.
Gold meets initial contention near $1880
Gold prices retreated for the fourth straight session on Thursday. The downtick was on the back of shrinking open interest and is indicative that the downtrend could be running out of steam. In the meantime, the $1880 region per troy ounce emerges as an initial support 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.