Gold Futures: Further rangebound in the pipeline

Pablo Piovano FXStreet

Traders scaled back their open interest positions in Gold futures markets for the second session in a row on Thursday, this time by more than 3K contracts according to advanced figures from CME Group. Volume, instead, reversed the previous drop and rose by nearly 41.5K contracts.

Gold poised for extra consolidation

Thursday’s negative price action in Gold prices was on the back of shrinking open interest, leaving the prospects of further downside somewhat diminished and allowing for the continuation of the consolidative mood in the very near-term. On the upside, the $1,760 mark per ounce troy keeps limiting occasional bullish attempts 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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