CME Group’s flash data for gold futures markets noted traders scaled back their open interest positions by around 6.8K contracts after three consecutive daily builds on Tuesday. Volume followed suit and dropped for the second session in a row, this time by around 95.5K contracts.
Gold: Another visit to $2000 remains on the cards
Gold prices extended the negative start of the week and retreated to the $1940 region on Tuesday. The strong downtick was on the back of shrinking open interest and volume and suggests that a potential rebound could be in the offing in the very near term. That said, the immediate target on the upside emerges at the key $2000 mark and beyond.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

AUD/USD: Stuck within the range
AUD/USD left behind Tuesday’s strong pullback and regained upside impulse on Wednesday, advancing well north of 0.6500 the figure despite the late rebound in the Greenback. Investors will now closely follow the release of the always relevant Australian jobs report.

EUR/USD stalls below 1.1500 as Fed holds, Trump comments lift Dollar
The EUR/USD trades almost flat after climbing past the 1.1500 figure, following the Federal Reserve's decision to hold rates unchanged, amid increasing tensions in the Middle East. This, along with comments from US President Donald Trump, boosted the Dollar, capping the Euro’s advance.

Gold loses the grip, breaks below $3,400
Gold now turns negative after breaching below the key $3,400 mark per troy ounce on Wednesday, all in response to the hawkish message from Chair Powell after the Fed’s steady hand at its gathering.

Australia unemployment rate expected to signal a broadly stable labor market
The Australian Bureau of Statistics will release the May monthly employment report at 01:30 GMT on Thursday. The country is expected to have added 25K new job positions, while the Unemployment Rate is projected to hold steady at 4.1%.

In the Eurozone, inflation is also a monetary phenomenon
Monetary aggregates continue to be closely monitored by the European Central Bank (ECB), a sign that, despite the passage of time and the increasing complexity of financing circuits, quantitative theory remains relevant.