Gold Futures: Extra losses on the table

Pablo Piovano FXStreet

Traders added around 3.2K contracts to their open interest positions on Tuesday, in light of advanced figures from CME Group. On the other hand, volume resumed the downside and shrunk by around 70.1K contracts.

Gold could slip back to $1,850/oz

Tuesday’s negative price action in gold prices was in tandem with rising open interest, opening the door to further retracements in the short-term. That said, the next support of note emerges at the monthly low at $1,850 per ounce (November 9).

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.

EUR/USD remains offered, challenges the 200-day SMA

EUR/USD adds to the current leg lower and comes just pips away from its significant 200-day SMA around 1.1580 as the NA session draws to a close on Thursday. The deeper drop comes in response to the intense advance in the Greenback, this time propped up by firm US data and higher US Treasury yields.

GBP/USD drops to four-week lows near 1.3360

Moving in step with other risk-sensitive peers, GBP/USD is attracting heavier selling and has slipped below the key 1.3400 support on Thursday to hit fresh four-week troughs. Cable’s decline reflects a firmer US Dollar as investors keep evaluating the latest batch of US data.

Gold remains offered just above $4,600

Gold is giving back part of its recent strong run, managing to bounce off earlier lows and reclaim the area beyond the $4,600 mark per troy ounce on Thursday. The pullback comes as the Greenback regains traction, Treasury yields move higher, and some profit-taking kicks in.