Gold Futures: Downside expected to be shallow

Pablo Piovano FXStreet

Open interest in Gold futures markets reversed a multi-session uptrend and shrunk by nearly 6.1K contracts on Wednesday, in light of advanced data from CME Group. Volume, instead, rose for the second session in a row, now by around 72.8K contracts.

Gold could re-test the 55-day SMA at $1,725/oz

Prices of the ounce troy of Gold corrected lower after hitting fresh YTD peaks around $1,790 on Wednesday. The correction lower came amidst declining open interest, signalling that a deeper pullback looks unlikely in the short-term horizon. That said, the precious metal could test the $1,725 level before resuming the upside.

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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