Gold Futures: Interim top in place?

Pablo Piovano FXStreet

Considering preliminary readings from CME Group for gold futures markets, traders trimmed their open interest positions by more than 2K contracts at the beginning of the week, extending the downtrend for yet another session at the same time. Volume, instead, reversed the previous drop and increased by more than 41K contracts,

Gold: Another visit to the 2022 low at $1,780 is not ruled out

Gold prices extended the rebound and closed just above the $1,850 level on Monday. The positive performance, however, was amidst shrinking open interest, opening the door to a corrective move in the near term and leaving a potential short-term top in place at the same time.

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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