Gold Futures: Further correction on the cards
Traders increased their open interest positions by nearly 5.5K contracts on Wednesday according to preliminary data from CME Group. In the same line, volume reversed the previous drop and rose by around 53.5K contracts.
Gold could slip back to $1,718.
Following new 2020 peaks near $1,770 per ounce on Wednesday, Gold closed in the negative territory amidst rising open interest and volume. That said, there is room for prices of the precious metal to correct lower to the 55-day SMA, today around $1,718. Read more...
Gold sticks to the positive outlook – UOB
"Amidst the uncertain economic times, gold is probably the only key commodity with a distinctive and clear positive outlook. All the key positive drivers remain in place. Global central banks continue their massive monetary policy easing, providing a strong and steady tailwind for gold. Adding to the tailwind, safe haven allocation demand remains strong amidst the on-going economic uncertainty. As such, the question for gold is not one of whether the recent strength is sustainable? This more pertinent question for gold is how strong the rally will be?." Read more...
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