Gold Futures: Potential consolidation ahead of further losses

Pablo Piovano FXStreet

Open interest in gold futures markets increased by just 544 contracts on Thursday, snapping a downtrend in place since February 2 at the same time, according to preliminary readings from CME Group. Volume, instead, shrank for the second session in a row, this time by around 5.4K contracts.

Gold: En route to $1800?

Gold’s price action was inconclusive on Thursday amidst a small increase in open interest. Against that, some near-term consolidation is not ruled out ahead of the probable continuation of the decline. The next contention area, in the meantime, remains at the key $1800 region 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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