Gold Futures: A deeper pullback looks unlikely

Pablo Piovano FXStreet

Open interest in Gold futures markets shrunk for the fourth consecutive session at the beginning of the week, this time by around 1.9K contracts in light of preliminary figures from CME Group. Volume, instead, extended the choppy activity and went up by around 48.4K contracts.

Gold looks supported around $1,700

Monday’s downtick in Gold prices was accompanied by diminishing open interest, removing some strength from potential further declines. That said, the $1,700 mark per ounce still emerges as relevant support in the very near-term.

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.

EUR/USD bounces off lows, back to 1.1860

EUR/USD now manages to regain some balance, retesting the 1.1860-1.1870 band after bottoming out near 1.1830 following the US NFP data on Wednesday. The pair, in the meantime, remains on the defensive amid fresh upside traction surrounding the US Dollar.

GBP/USD rebounds to 1.3660, USD loses momentum

GBP/USD trades with decent gains in the 1.3660 region, regaining composure following the post-NFP knee-jerk toward the 1.3600 zone on Wednesday. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold stays bid, still below $5,100

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of humble gains in the US Dollar and firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.