Gold Futures: Decline overdone?

Pablo Piovano FXStreet

Considering preliminary readings from CME Group for gold futures markets, open interest shrank by just 483 contracts at the beginning of the week after three consecutive daily builds. Volume, instead, rose for the second straight session, now by around 5.8K contracts.

Gold appears to have met support near $1,730

Gold prices declined for the sixth session in a row on Monday. The daily pullback, however, was amidst shrinking open interest, which hints at the view that the retracement could take a breather in the very near term. So far, decent support seems to have turned up near $1,730 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.

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.