Gold Futures: There is room for further decline

Pablo Piovano FXStreet

Considering advanced prints from CME Group for gold futures markets, open interest extended the downtrend for yet another session on Thursday, this time by just 486 contracts. Volume followed suit and shrank for the second consecutive session, now by around 32.2K contracts.

Gold: Initial support emerges at $1915

Gold prices managed to regain some upside traction on Thursday. The decent recovery, however, was in tandem with shrinking open interest and volume and removes some strength from a sustained rebound at least in the very near term. In the meantime, the yellow metal appears supported around the $1915 region per troy ounce for the time being.

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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