Gold Futures: A sustained drop seems unlikely

Pablo Piovano FXStreet

Open interest in gold futures markets dropped once again on Wednesday, this time by around 2.3K contracts according to preliminary readings from CME Group. Volume, instead, increased for the second session in a row, now by around 29.6K contracts.

Gold: Next on the downside emerges $1950

Wednesday’s marked pullback in gold prices was on the back of shrinking open interest, which hints at the idea that a sustained drop seems not favoured for the time being. On the downside, in the meantime, there is decent contention around the $1950 region per ounce troy.

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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