Gold Futures: Further upside looks unlikely

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted open interest shrank for the fourth consecutive session on Thursday, this time by just 931 contracts. In the same line, volume dropped for the second straight session, now by around 51.3K contracts.

Gold could retest $1900

Thursday’s uptick in gold prices was in tandem with shrinking open interest and volume, indicative that extra gains appear not favoured in the very near term. Against that, the precious metal could retest the recent support in the $1900 region per ounce troy.

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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