Gold Futures: Rebound in the offing

Pablo Piovano FXStreet

Traders scaled back their open interest positions in Gold futures markets by nearly 12K contracts on Thursday as per preliminary figures from CME Group. In the same direction, volume shrunk for the third session in a row, this time by almost 119K contracts.

Gold supported near $1,450/oz and looks for a bounce

Thursday’s pullback in prices of the ounce troy of gold was accompanied by declining open interest and volume, which opens the door to a probable rebound in the short-term horizon.

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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