Gold Futures: Extra downside in the pipeline

Pablo Piovano FXStreet

Open interest in Gold futures markets rose by nearly 6K contracts on Tuesday according to flash data from CME Group. In the same line, volume reversed two consecutive daily pullbacks and increased by around 60.7K contracts.

Gold does not rule out a move to $1,680

Tuesday’s negative price action in Gold prices was on the back of rising open interest and volume, all indicative that further losses remain probable in the very near-term. Against that, the so far 2021 lows in the $1,680 zone per ounce troy emerge as the next support of relevance.

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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