Gold Futures: Further consolidation likely

Pablo Piovano FXStreet

Open interest in gold futures markets increased for the third session in a row on Thursday, this time by more than 15K contracts considering flash data from CME Group. Volume, instead, extended the choppy performance and shrank by around 35.8K contracts.

Gold faces extra rangebound

Thursday’s decent gains in gold prices were on the back of rising open interest, leaving the door open for further upside in the very near term. However, the lack of direction in volume might encourage some consolidation around the current $1,800 area per ounce troy.

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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