Gold Futures: Further downside on the cards

Pablo Piovano FXStreet

Traders added just 776 contracts to their open interest positions in gold futures markets, reversing two pullbacks in a row on Tuesday, according to preliminary readings from CME Group. Volume, in the same line, went up by the second session in a row, now by around 188.1K contracts.

Gold flirts with 2021 lows

Tuesday’s strong pullback in gold prices was on the back of rising open interest and volume, opening the door to the continuation of the downtrend in the very near-term. That said, the next level of note on the downside emerges at the November 2020 lows near $1,760 per ounce.

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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