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.

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