Gold Futures: Near-term rebound in the offing

Pablo Piovano FXStreet

CME Group’s preliminary readings for gold futures markets noted open interest shrank for the second session in a row on Monday, this time by nearly 3K contracts. Volume, followed suit and dropped by around 51.2K contracts.

Gold re-targets $1,800 near-term

Monday’s downtick in gold prices met support around $1,760 amidst shrinking open interest and volume. That said, further losses appear unlikely, and a rebound could gather traction with the next target at the key $1,800 mark per ounce troy.

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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