Gold Futures: Room for extra decline
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
Open interest in gold futures markets rose for the second session in a row on Tuesday, now by around 2.4K contracts according to preliminary readings from CME Group. Volume followed suit and reversed two consecutive daily pullbacks and went up by around 90.2K contracts.
Tuesday’s abrupt drop in gold prices came on the back of rising open interest and volume, which is indicative that further weakness lies ahead for the precious metal. Against that, the YTD low at $1,680 is still expected to hold the downside for the time being.
[/s2If]
Join Our Telegram Group
