Gold Futures: Extra rangebound on the cards

Pablo Piovano FXStreet

Open interest in Gold futures markets shrunk for the third consecutive session on Friday, this time by around 5.9K contracts according to preliminary readings from CME Group. In the same line, volume extended the choppy activity and dropped by more than 28K contracts.

Gold still capped by $1,760/oz

Gold prices extended the consolidation theme on Friday, closing the session with small gains and amidst shrinking open interest and volume. That sad, further rangebound looks likely in the very near-term, with the $1,760 mark per ounce troy still capping the upside.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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