Gold Futures: Downside seems contained

Pablo Piovano FXStreet

Open interest in gold futures markets shrank by around 1.5K contracts after two consecutive daily builds on Thursday, according to preliminary readings from CME Group. Volume, instead, remained choppy and went up by around 37.1K contracts.

Gold: Next on the downside comes $1800

Gold prices dropped for the third straight session on Thursday. The downtick, however, was amidst shrinking open interest and hints at the likelihood that a deeper drop appears somewhat curtailed for the time being. Immediately to the downside in the precious metal comes the key $1800 region per ounce troy.

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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