Gold Futures: Downside looks shallow

Pablo Piovano FXStreet

Open interest in Gold futures markets shrunk by more than 11K contracts on Thursday, reversing at the same time five consecutive daily builds in light of preliminary readings from CME Group. On the opposite direction, volume extended the uptrend and rose by around 16.8K contracts.

Gold poised to extend the consolidation

Prices of the ounce troy of the precious metal reversed three consecutive daily advances and closed just above the $1,900 mark on Thursday. The move, however, was accompanied by shrinking open interest, supportive of shallow retracements. That said, Gold prices remain sandwiched between the 55-day and the 100-day SMAs at $1,925 and $1,880 per ounce, respectively, for the time being.

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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