Gold Futures: Further consolidation not ruled out
|According to flash data for gold futures markets from CME Group, open interest shrank by nearly 16K contracts after five consecutive daily builds. Volume followed suit and went down for the second straight session, no by around 33.2K contracts.
Gold now targets the 200-day SMA around $1,820
Gold charted an inconclusive session on Tuesday amidst shrinking open interest and volume. That said, price action appears poised to extend the side-lined formation in the very near term, while occasional bullish attempts are seen facing the next target of note at the 200-day SMA at $1,820 per ounce troy.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.