Gold Futures: Room for extra decline

Pablo Piovano FXStreet

Considering flash data from CME Group for gold futures market, open interest went up for the second session in a row on Tuesday, this time by around 1.7K contracts. Volume followed suit and rose by around 30.1K contracts after two daily pullbacks in a row.

Gold faces contention near $1,850

Tuesday’s downtick in gold prices was on the back of rising open interest and volume, indicative that further losses remain on the cards. Against this, there is a solid support in the vicinity of $1,850 per ounce troy, the so far monthly lows (June 4).

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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