According to early readings from CME Group, open interest in gold futures markets decreased for the second session in a row at the end of last week, this time by roughly 2.5K contracts. Instead, volume increased by about 13.3K contracts, reversing the prior day’s decline.
— FXStreet News (@FXStreetNews) August 8, 2023
Gold: Next on the downside comes $1900
Friday’s daily gains in gold prices came on the back of shrinking open interest, which hints at the idea that further gains appear not favoured for the time being. In case loses accelerate, the precious metal is expected to meet the next contention of relevance around the $1900 region per troy ounce.
Gold downside remains compelling whilst below 50 DMA PREMIUM
Gold price is extending the previous decline toward the three-week low of $1,926 early Tuesday. as traders eagerly await China’s and US inflation data for a fresh directional impetus in the XAU/USD price.#forex pic.twitter.com/znyC7dyVgZ
— Fatima Sheikh (@FatimaS53512071) August 8, 2023