October 03, 2023 6:31 AM

Gold Futures: Recent Losses Look Visible

The recent report of CME Group's advanced prints for the gold futures markets, open interest rose on Monday for the second session in a row, this time by roughly 1.3K contracts. In contrast, volume decreased by about 43.6K contracts despite the choppy performance that persisted.

Gold is on its road to $1800

Monday's session saw the sharp decrease in gold prices continue. The action was taken against a background of increasing open interest, which suggests that the commodity may still suffer additional losses in the very near future. The next significant disagreement is anticipated at the February 28 low of $1804 per troy ounce in 2023. The 200-day SMA at approximately $1917, however, now stands out as a respectable contender for the time being.