Gold Futures: Door open to further weakness

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted traders added around 5.6K contracts to their open interest positions after six consecutive daily pullbacks on Friday. Volume followed suit and went up by around 10.3K contracts, partially reversing the previous daily drop.

Gold: Next on the downside comes $1800

Gold prices extended the multi-session leg lower on Friday. The move was amidst increasing open interest and volume and suggests that extra decline appears on the cards in the very near term. Looking at the longer run, the precious metal faces the next support of note around the key $1800 region per troy ounce.

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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