Gold Futures: Further upside appears limited

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted open interest shrank for the third session in a row on Monday, this time by around 1.8K contracts. Volume, instead, extended the choppy activity and increased by around 19.3K contracts.

Gold looks cautious around $1,900

Monday’s uptick in prices of the ounce troy of gold was on the back of shrinking open interest, which removes strength from the likelihood of further gains in the very near term and leaves the precious metal hovering around the $1,900 mark 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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