Gold Futures: A near-term rebound appears on the cards

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted traders reduced their open interest positions by more than 4K contracts on Thursday. Volume, instead, increased for the second session in a row, this time by around 6.3K contracts.

Gold: Next resistance emerges at $1950

Gold prices retreated for the third session in a row on Thursday. The downtick was amidst shrinking open interest and is indicative that a deeper pullback seem not favoured for the time being. That said, a. near-term rebound could be in the offing with the immediate target at the weekly high at $1947 per troy ounce (September 20).

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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