Gold Futures: Scope for further losses

Pablo Piovano FXStreet

Open interest in gold futures markets increased for the second session in a row on Wednesday, this time by around 8.5K contracts according to preliminary readings from CME Group. In the same line, volume rose for the second straight session, now by around 18.5K contracts.

Gold could revisit the 2022 low at $1,614

Gold prices dropped markedly on Wednesday amidst rising open interest and volume. That said, further downside is now on the cards and with immediate contention at the YTD low at $1,614 per ounce troy (September 28).

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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