Gold Futures: Door open to further correction

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted traders increased their open interest positions for the third consecutive session on Monday, this time by nearly 3K contracts. Volume, instead, resumed the downtrend and shrank by around 76.2K contracts.

Gold faces a minor support around $1950

Gold kicked off the week on the back foot amidst rising open interest. That said, further weakness appears on the cards for the precious metal in the very near term, with immediate support at the weekly low of $1953 (October 24).

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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