Gold Futures: Extra losses on the cards

Pablo Piovano FXStreet

Traders increased their open interest positions by almost 1.7K contracts on Friday after two consecutive daily pullbacks, according to flash data from CME Group. In the same line, volume reversed the previous drop and rose by around 22.1K contracts.

Gold: The $1,670 level emerges on the horizon

The leg lower in gold prices has accelerated following the breakdown of the critical 200-day SMA around $1,800. Friday’s downtick was on the back of rising open interest and volume, allowing for a potential move to June’s low around $1,670 per ounce.

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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