Gold Futures: Room for further downside

Pablo Piovano FXStreet

According to preliminary data from CME Group, open interest in Gold futures markets rose for the second session in a row on Wednesday, this time by around 2.5K contracts. In the same direction, volume increased for the second straight day, now by around 28.6K contracts.

Gold could slip back to the $1,900 area

Prices of the ounce troy of gold dropped to new 3-day lows on Wednesday amidst rising open interest and volume. That said, the scenario looks favourable for the continuation of this trend in the very near-term, with initial support in the $1,900 area per ounce, (August 26).

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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