Gold Futures: Further losses not favoured

Pablo Piovano FXStreet

Open interest in gold futures markets shrank by just 702 contracts on Friday according to preliminary readings from CME Group. Volume followed suit and dropped by around 64.3K contracts after two consecutive daily builds.

Gold: Further consolidation remains on the cards

Friday’s small downtick in gold prices was on the back of diminishing open interest and volume. That said, extra decline appears unlikely for the time being, leaving the yellow metal exposed to the continuation of the current consolidative fashion. Against that, the metal appears decently supported around the $1930 region per ounce troy so far.

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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