Gold Futures: No change to the consolidative stance

Pablo Piovano FXStreet

Open interest in gold futures markets rose by around 3.5K contracts after three consecutive daily pullbacks on Wednesday, according to preliminary readings from CME Group. Volume followed suit and rose for the second day in a row, this time by around 3.6K contracts.

Gold remains capped by $1,875

Wednesday’s price action in gold was inconclusive amidst rising open interest and volume, exposing the continuation of the consolidative phase in the very near term at least. In the meantime, occasional bullish attempts are expected to face a tough resistance around $1,875 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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