Gold Futures: Further decline looks not favoured

Pablo Piovano FXStreet

Considering advanced prints from CME Group for gold futures markets, open interest shrank for the second session in a row on Wednesday, this time by around 3.3K contracts. Volume followed suit and went down by around 37.3K contracts amidst the prevailing erratic performance.

Gold: Next on the downside comes the 200-day SMA

Gold prices extended its decline and revisited the key $1950 region on Wednesday. The daily pullback was accompanied by diminishing open interest and volume and warns against the continuation of the ongoing multi-session decline. Further retracements, in the meantime, are expected to meet the next contention around the $1930 area, where the key 200-day SMA sits.

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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