Gold Futures: No change to the neutral stance
|Open interest in gold futures markets shrank by just 958 contracts after two consecutive daily pullbacks considering flash data from CME Group. On the other hand, volume extended the erratic activity and rose by around 53.1K contracts.
Gold faces further consolidation near term
Gold traded within a narrow range on Tuesday, keeping the range bound theme well in place for yet another session. The small drop in open interest plays against further upside in the very near term and leaves intact the prospect for further consolidation for the time being.
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.