Gold Futures: Room for a near-term rebound

Pablo Piovano FXStreet

Open interest in gold futures markets dropped for the second session in a row on Friday, this time by around 18.2K contracts according to preliminary readings from CME Group. Volume, instead, rose for the fourth session in a row, this time by around 53.6K contracts.

Gold looks at another test of $1900

Gold prices accelerated the sell-off to the $1860 region last Friday. The sharp drop was amidst diminishing open interest and is supportive of a probable bounce in the short term. That said, the next targer of note now emerges at the key $1900 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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.