Gold Futures: Further downside appears limited
…
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 reversed the recent uptrend and shrank by around 3.5K contracts on Tuesday according to preliminary readings from CME Group. Volume followed suit and dropped for the second consecutive session, now by nearly 2K contracts.
Tuesday’s drop in gold prices was amidst shrinking open interest and volume, which is indicative that a deeper pullback appears out of favour in the very near term. That said, the resumption of the upside bias could see the recent top around $1930 per ounce troy revisited.
[/s2If]
Join Our Telegram Group
