Gold Futures: Scope for further correction

Pablo Piovano FXStreet

Considering advanced prints from CME Group for gold futures markets, traders increased their open interest positions for the second session in a row on Thursday, this time by around 2.4K contracts. On the other hand, volume reversed two consecutive daily builds and shrank by around 40.4K contracts.

Gold: Gains appear limited just above $1,800

Gold prices edged lower for the second session in a row on Thursday amidst rising open interest, which is indicative that extra weakness could be in store in the very near term. In the meantime, the $1,800 region continues to emerge as the immediate magnet for gold bulls.

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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