Gold Futures: Further consolidation appears on the cards

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets saw traders increase their open interest positions by around 1.5K contracts on Friday, resuming the uptrend following the previous daily pullback. Volume, instead, kept the choppy trade and shrank by around 38.3K contracts.

Gold: Solid support emerged just below $1900

Friday’s inconclusive price action in gold was on the back of rising open interest, which suggest that further range bound could be on the cards for the precious metal in the very near term. In the meantime, the $1890 region continues to hold the downside for the time being.

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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