Gold Futures: Further consolidation on the cards

Pablo Piovano FXStreet

Open interest in gold futures markets resumed the uptrend and rose by around 3.7K contracts on Tuesday, according to preliminary readings from CME Group. Volume, instead, shrank by nearly 30K contracts, adding to the previous daily drop.

Gold: Initial resistance emerges around $1860

Gold prices charted an inconclusive session on Tuesday around the $1860 region per troy ounce. That price action was on the back of rising open interest, exposing an unclear outlook for the precious metal in the very near term at least.

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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