Gold Futures: Limited Downside Amidst Declining Open Interest"
Updated
Analyzing enhanced prints from the CME Group for the gold futures market, open interest continues its downward trend, dropping nearly 7,000 contracts on Friday. However, volume has increased for the second consecutive session, this time by approximately 39.8 thousand contracts.
Gold appears to find support from the 200-day SMA
While gold prices experienced a significant decline last Friday alongside decreasing open interest, indicating that the prolonged downturn may not be favored in the very near term, the crucial 200-day SMA around $1935 emerges as a notable contention point at present.
Gold appears to find support from the 200-day SMA
While gold prices experienced a significant decline last Friday alongside decreasing open interest, indicating that the prolonged downturn may not be favored in the very near term, the crucial 200-day SMA around $1935 emerges as a notable contention point at present.
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