Traders diminished their open interest positions by more than 3K contracts on Friday following four consecutive builds, according to preliminary data from CME Group. Volume followed suit and went down by around 10.7K contract, reversing three builds in a row.
Gold still looks to 2020 highs
Friday’s negative price action in the ounce troy of gold was amidst shrinking open interest and volume, leaving a deeper pullback unlikely and keeping the upside bias unchanged. That said, there are still bets of a potential re-test of the yearly peaks near $1,750 per ounce.
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.