Gold Futures: Further decline seems not favoured

Pablo Piovano FXStreet

Open interest in gold futures markets dropped for the third session in a row on Monday, this time by more than 2K contracts according to preliminary readings from CME Group. Volume, instead, went up by nearly 31K contracts, partially reversing the previous daily pullback.

Gold: Next support expected at $1900

Gold kicked off the week on the back foot and extended further the recent breach of the key 200-day SMA. The daily downtick was on the back of shrinking open interest and is indicative that a sustained retracement appears out of favour in the very near term. Against that, there is a decent contention area around the $1900 mark per troy ounce for the time being.

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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