Taking into account the advanced data of CME Group for the gold futures markets, open interest extended its uptrend and rose around 1,700 contracts on Wednesday. Volume, in contrast, resumed the decline and fell by around 38,100 contracts after the previous daily accumulation.
Gold: The next downside target is $1,800
Gold price pulled back for the third session in a row on Wednesday, once again challenging the key containment area around $1,900 a troy ounce. The drop came amid rising open interest and leaves the yellow metal vulnerable to further losses in the very short term. Conversely, a convincing break of the 1,900 area should not find any discernible support until the 2023 low of $1,804 (Feb 28).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
