Analysis Of Precious Metal: Gold's Downtrend May Continue
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Considering advanced prints from CME Group for gold futures markets, open interest shrank by nearly 2K contracts at the beginning of the week, reversing the previous daily build. Volume followed suit and went down for the second session in a row, this time by around 32.7K contracts.
Gold continues to target $1800
Gold’s auspicious start of the week was, however, amidst diminishing open interest and volume and this favours the resumption of the downtrend in the very near term. Against that, the immediate target emerges at the key $1800 region per ounce troy.
