Gold Futures: extra losses in the pipeline
According to flash data from CME Group for Gold futures markets, traders added 886 contracts to their open interest positions on Tuesday, recording the second – albeit small – build in a row. Volume, too, rose for another session, this time by around 229.5K contracts.
Gold could test the $1,536/32 area
The ounce troy of Gold keeps correcting lower on Wednesday following Tuesday’s pullback against the backdrop of increasing open interest and volume. With this in mind, the $1,536/32 band could be revisited in the near-term horizon, where coincide last week’s low and a Fibo retracement of the December rally.