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Gold Futures: Further downside on the cards
According to preliminary readings from CME Group, open interest in gold futures markets rose by around 1.3K contracts on Friday, reversing at the same time three consecutive daily drops. In the same line, volume went up for the second session in a row, now by more than 22K contracts.
Gold could recede to $1900
Friday’s downtick in prices of the ounce troy of the yellow metal was in tandem with rising open interest and volume, favouring the continuation of the leg lower in the very near term. That said, the next level to focus on for gold comes at the $1900 mark per ounce.
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