Gold Futures: Further decline appears contained

Pablo Piovano FXStreet

Traders trimmed their open interest positions by almost 6K contracts on Wednesday, resuming the downtrend following Tuesday’s build, according to preliminary data from CME Group. In the same direction, volume dropped for the second day in a row, this time by nearly 2.3K contracts.

Gold stays supported around $1,450/oz

Wednesday’s pullback in the ounce troy of gold was on the back of shrinking open interest and volume, hinting at the idea that a deeper retracement seems to be losing momentum.

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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