Gold Futures: Further upside appears limited
Open interest in Gold futures markets extended the downtrend for yet another session on Monday, this time by just 114 contracts in light of preliminary readings from CME Group. Volume, in the same line, decreased for the third consecutive session, now by around 48.3K contracts.
Gold met support around $1,860/oz.
The positive performance of Gold prices at the beginning of the week was on the back of shrinking open interest and volume, leaving the likeliness of further upside somewhat limited in the very near-term. That said, initial contention now emerges at the October’s low at $1,860 per ounce. Read more… Gold Price Analysis: XAU/USD looks firmer and closer to $1,900/oz Gold prices reverse the initial bearishness and refocus on the upside, trading at shouting distance from the key barrier at the $1,900 mark per ounce troy. The better tone surrounding the precious metal […]
November 4, 2020 (updated November 4, 2020) Published by StockMan