Gold Futures: Further consolidation looks likely

Pablo Piovano FXStreet

Open interest in gold futures markets reversed four consecutive daily builds and shrunk by more than 1K contracts on Monday according to flash data from CME Group. On the other hand, volume increased by nearly 46.2K contracts.

Gold remains capped by $1,760/oz

The ounce troy of gold briefly tested the 55-day SMA near the $1,700 mark on Monday before bouncing, all amidst inconclusive activity in open interest and volume. That said, extra rangebound remains well on the cards for the time being, while the upside stays limited by YTD highs in the $1,760 region.

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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