Gold Futures: Further weakness appears unlikely

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted traders reduced their open interest positions for the third session in a row on Wednesday, this time by more than 4K contracts. Volume followed suit and dropped for the third straight day, now by around 69.6K contracts.

Gold remains supported near $1935

Gold prices resumed the decline on Wednesday amidst shrinking open interest and volume, which hints at the likelihood that a deeper decline is not favoured in the very near term. In the meantime, weekly lows around $1935 (March 21,22) emerge as decent contention for the time being.

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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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