Gold Futures: Further consolidation likely

Pablo Piovano FXStreet

Open interest in gold futures markets rose by just 976 contracts for the first time since June 11 on Wednesday, according to preliminary readings from CME Group. In the same line, volume reversed three consecutive daily pullbacks and went up by around 7.7K contracts.

Gold stays supported around $1,760

Gold charted an inconclusive session midweek amidst rising open interest and volume. That said, further rangebound should not be surprising while the yellow metal remains contained around the $1,760 mark per ounce troy 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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