Gold Futures: A corrective move appears on the cards

Pablo Piovano FXStreet

Open interest in gold futures markets dropped for the second session in a row on Friday, this time by around 2.5K contracts according to preliminary readings from CME Group. on the other hand, volume resumed the uptrend and went up by around 25.7K contracts.

Gold: Next on tap comes the 2023 high near $2070

Gold prices extended their march north at the end of last week, managing to close above the key barrier of $2000 per troy ounce. The daily uptick, however, came on the back of shrinking open interest, which suggests that a potential corrective move could lie ahead in the very near term. In the meantime, the next up-barrier for the yellow metal now emerges at the 2023 peak of $2067 (May 4).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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