Gold Futures: Further upside appears contained

Pablo Piovano FXStreet

Open interest in Gold futures markets shrunk by around 3.1K contracts on Thursday, reversing three consecutive daily builds according to flash data from CME Group. Volume, instead, rose for the third session in a row, this time by around 34.3K contracts.

Gold: Gains seem limited around $1,760

Gold prices charted an inconclusive day on Thursday after hitting weekly tops in the $1,760 area per ounce troy. The move was accompanied by shrinking open interest and rising volume, exposing further consolidation 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.

EUR/USD loses further momentum, revisits 1.1930

EUR/USD surrenders further ground and approaches the 1.1930 region, or daily troughs, on Wednesday. The pair has retreated from a five-year high as US Dollar demand picks up again, with traders turning cautious ahead of the key Fed meeting later in the European evening.

GBP/USD remains offered, focus is on 1.3750

GBP/USD is clocking marked losses near the 1.3750 zone midweek. Cable’s pullback comes as the Greenback stages a robust bounce, with traders taking profits and squaring positions ahead of the Fed’s key policy announcements later in the day.

Gold retreats from record highs ahead of Fed’s decision

Gold now gives away part of the earlier bull run to all-time highs past the $5,300 mark per troy ounce on Wednesday. Investors continued to seek out traditional safe havens amid persistent economic and geopolitical uncertainty, with markets also staying cautious ahead of the FOMC event later in the day.