Traders increased their open interest positions for the second session in a row on Wednesday, this time by nearly 4K contracts in light of flash data from CME Group. In the same line, volume prolonged the choppy performance and rose by 142.2K contracts.
Gold faces interim support at $1,825/oz
Gold prices remain on the defensive amidst rising open interest and volume, opening the door to the continuation of the downtrend in the very near-term. That said, the next interim support emerges at the Fibo level (of the June-August rally) at $1,825.31.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds steady below 1.0500 ahead of US data
EUR/USD rose toward 1.0500 in the European morning on Monday but struggled to gather bullish momentum. The cautious market stance makes it difficult for the pair to continue to stretch higher as investors await mid-tier data releases from the US.
GBP/USD loses traction, retreats toward 1.2050
Following a short-lasting recovery attempt to the 1.2100 area in the European morning on Tuesday, GBP/USD turned south and declined toward 1.2050. Rising US bond yields continue to support the USD as traders await the US JOLTS Job Openings data.
Gold consolidates losses, trades below $1,830
Gold price staged a correction and stabilized above $1,820 after falling to a multi-month low of $1,815 during the Asian trading hours on Tuesday. The benchmark 10-year US Treasury bond yield holds above 4.7% ahead of US data, not allowing XAU/USD to extend its rebound.
Chainlink price still trapped in range despite exhausted macro downtrend
Chainlink price eyes the upper boundary of a range at $8.148. It comes after the macro downtrend concluded, and could be the path to a new confirmed macro uptrend for LINK.
US JOLTS Preview: Job openings expected to remain broadly unchanged in August
JOLTS report will be watched closely by Federal Reserve officials ahead of September jobs data. Job openings are forecast to hold steady at around 8.8 million on the last business day of August.