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

Pablo Piovano FXStreet

Open interest in gold futures markets extended the downtrend for yet another session on Thursday, this time by nearly 3K contracts according to preliminary readings from CME Group. Volume followed suit and shrank by around 15.2K contracts after three consecutive daily builds.

Gold appears supported near $1860… for now

Gold prices dropped for the fourth session in a row on Thursday, briefly visiting the $1860 region after staging a tepid rebound. The downtick was on the back of declining open interest and volume and leaves the door open to a potential rebound in the very near term. In the meantime, the $1860 region per troy ounce seems to hold the downside for the time being.

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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