Gold Futures: Further Decline Looks Not Favoured

Gold, Bars, Wealth, Finance, Gold Bars, Deposit

Image Source: Pixabay

Considering advanced prints from CME Group for gold futures markets, open interest shrank for the second session in a row on Wednesday, this time by around 3.3K contracts. Volume followed suit and went down by around 37.3K contracts amidst the prevailing erratic performance.

Gold: Next on the downside comes the 200-day SMA

Gold prices extended its decline and revisited the key $1950 region on Wednesday. The daily pullback was accompanied by diminishing open interest and volume and warns against the continuation of the ongoing multi-session decline. Further retracements, in the meantime, are expected to meet the next contention around the $1930 area, where the key 200-day SMA sits.


More By This Author:

EUR/USD Price Analysis: Further Weakness Could Revisit 1.0500
EUR/JPY Price Analysis: Rally Looks Unabated So Far
USD Index Extends Its Recover And Targets 106.00, Focus On Powell

Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments