Gold Futures: Further consolidation on the cards

Pablo Piovano FXStreet

Open interest in Gold futures markets shrunk by around 2K contracts on Tuesday following two consecutive builds according to flash data from CME Group. In the same line, volume went down for the fourth consecutive session, this time by around 13.9K contracts.

Gold met support near $1,920/oz

The ounce troy of the precious metal briefly dipped below $1,920 on Tuesday amidst shrinking open interest and volume, ending the session with an inconclusive performance. That said, Gold prices appear well supported around the $1,920 region so far, hinting at the idea thar further consolidation lies ahead, at least in the very near-term.

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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