Gold Futures: Correction lower stays on the table

Pablo Piovano FXStreet

Open interest and volume in Gold futures markets went down by around 1.1K contracts and by nearly 61.5K contracts on Thursday, according to advanced readings from CME Group.

Gold could retreat to the $1,980/oz region

The rally in Gold remains unabated and it has clearly surpassed the key mark at the $2,000 level per ounce in past sessions. However, shrinking open interest and volume coupled with rising prices leave the door open to a probable correction lower to, initially, the $1,980 region per ounce, or July peaks.

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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