- August 13, 2020
- Posted by: Analysis Team
- Category: Forex News
Open interest in Gold futures markets decreased by nearly 1.8K contracts following two consecutive daily builds on Wednesday, in light of flash data from CME Group. In the same line, volume extended the erratic activity as of late and shrunk by around 125.7K contracts.
GOLD COULD DROP TO $1,825/OZ
The ounce troy of the precious metal tested fresh 3-week lows on Wednesday before rebounding and closing the day with marginal gains. Shrinking open interest and volume accompanied this price action and now expose a potential move to the $1,825 area, where coincide a Fibo level (of the June-August) and the 55-day SMA.