Gold Futures: Extra losses on the cards

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted open interest rose for the second session in a row on Tuesday, this time by around 9.5K contracts. In the same line, volume reversed the previous daily pullback and went up by around 278.4K contracts to more than 485K contracts, the largest volume since November 22 2021.

Gold poised to challenge $1,800

Gold continued to correct lower after hitting tops near $1,830 during last week. Tuesday’s downtick was on the back of declining open interest and volume and opens the door to the continuation of the downtrend in the very near term with the immediate target at the $1,800 mark 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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